Solved

Assets, Liabilities, and Equity Accounts Are Not Closed; These Accounts

Question 43

Multiple Choice

Assets, liabilities, and equity accounts are not closed; these accounts are called:

A) Temporary accounts.
B) Contra accounts.
C) Accrued accounts.
D) Nominal accounts.
E) Permanent accounts.

Related Questions

Q38: All of the following statements regarding the

Q39: The F. Mercury, Capital account has a

Q40: After posting the entries to close all

Q41: The withdrawals account is normally closed by

Q42: Explain why temporary accounts are closed each

Q44: Intangible assets are assets that are long-term,

Q45: If a company plans to continue business

Q46: Reversing entries:<br>A) Will often result temporarily in

Q47: Which of the following statements is incorrect?<br>A)

Q48: Presented below are the year-end balances