Another name for temporary accounts is:
A) Real accounts.
B) Contra accounts.
C) Accrued accounts.
D) Balance column accounts.
E) Nominal accounts.

Question

Quizplus · Accepted Answer

Temporary accounts are also known as Nominal accounts. These accounts are used to track revenue, expenses, gains, and losses incurred by a business during a specific period. They are closed at the end of the accounting period and their balances are transferred to the retained earnings account in the balance sheet. Real accounts, Contra accounts, Accrued accounts, and Balance column accounts are not synonyms for temporary accounts.

Another Name for Temporary Accounts Is