Match the terms that follow with the correct definitions.
-Account classifications that are closed into the Income Summary account
A)Interim statements
B)Closing entries
C)Expenses
D)Real or permanent accounts
E)Drawing account
F)Income Summary
G)Post-closing trial balance
H)Accounting cycle
I)Expense and revenue
J)Temporary-equity accounts

Question

Quizplus · Accepted Answer

Temporary-equity accounts, which include expense and revenue accounts, are closed into the Income Summary account at the end of an accounting period.

Match the Terms That Follow with the Correct Definitions