Multiple Choice
An account in which the balance is carried over from one accounting period to the next is called a:
A) permanent account.
B) nominal account.
C) temporary account.
D) zero account.
Correct Answer:

Verified
Correct Answer:
Verified
Q36: The adjusting entry for accrued salaries is
Q37: In the normal accounting cycle, the:<br>A) financial
Q38: The Income Summary account can be found
Q39: The balance in the J. Higgins, Withdrawals
Q40: After closing the revenue, expense, and withdrawal
Q42: The goal of closing is to clear
Q43: Closing entries are prepared:<br>A) to clear all
Q44: When closing the Income Summary account when
Q45: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7147/.jpg" alt=" " class="answers-bank-image d-block" rel="preload"
Q46: Determine the ending owner's equity of a