Accounts that are used to describe revenues,expenses,and owner's withdrawals,and are closed at the end of the reporting period,are:
A) Real accounts.
B) Temporary accounts.
C) Closing accounts.
D) Permanent accounts.
E) Ledger accounts.

Question

Quizplus · Accepted Answer

Temporary accounts are used to describe revenues, expenses, and owner's withdrawals and are closed at the end of the reporting period, transferring their balances to a permanent account. Real accounts are asset, liability, and equity accounts that are not closed at the end of the reporting period. Closing accounts and permanent accounts are not accurate descriptions of these types of accounts. Ledger accounts are a general term for all accounts in the accounting system.

Accounts That Are Used to Describe Revenues,expenses,and Owner's Withdrawals,and Are