Which of the Following Statements Is Incorrect? 76)

Multiple Choice

Which of the following statements is incorrect? 76)

A) The Income Summary account is a temporary account.
B) Permanent accounts are another name for real accounts.
C) Permanent accounts are another name for nominal accounts.
D) Real accounts remain open as long as the asset, liability, or equity items recorded in the accounts continue in existence.
E) Temporary accounts carry a zero balance at the beginning of each accounting period.