Both income statement and balance sheet accounts are closed at the end of a fiscal period.

Name: Both income statement and balance sheet accounts are closed at the end of a fiscal period.
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Only income statement accounts are closed at the end of a fiscal period to transfer their balances to a permanent equity account. Balance sheet accounts are permanent accounts and are not closed; their balances are carried forward to the next fiscal period.

Both Income Statement and Balance Sheet Accounts Are Closed at the End