King Ltd's year-end trial balance includes the following accounts.
Cash
Sales revenue
Accounts payable
Equity
Interest expense
Interest receivable
Motor vehicles
How many of these are temporary accounts?
A) One
B) Two
C) Three
D) Four
Correct Answer:
Verified
Q1: Closing an account means:
A) transferring the balance
Q2: Before calculating the profit for the period,
Q4: Accounting entries made at the end of
Q5: Which of these is not a temporary
Q6: Which of these is the correct treatment
Q7: In the closing process which accounts are
Q8: Which of these is not a permanent
Q9: Accounting entries made to reduce the temporary
Q10: In which order do these steps in
Q11: Because income and expenses are accumulated for
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