Income and expense accounts can be referred to as:
A) incurred accounts.
B) temporary accounts.
C) personal accounts.
D) permanent accounts.

Question

Quizplus · Accepted Answer

Income and expense accounts are temporary accounts because they are only used to track activity for a specific accounting period and are closed out at the end of that period. The other options (incurred accounts, personal accounts, and permanent accounts) do not accurately describe income and expense accounts.

Income and Expense Accounts Can Be Referred to As