Solved

Revenue and Expense Accounts Are Permanent (Real) Accounts and Should

Question 58

True/False

Revenue and expense accounts are permanent (real) accounts and should not be closed at the end of the accounting period.

Related Questions

Q53: Which of the following accounts is a

Q54: The Income Summary account is used to

Q55: Calculate the current ratio in each

Q56: The first step in the accounting cycle

Q57: Tunica Company's fiscal year ends on September

Q59: The following information is available for

Q60: On the work sheet, net income is

Q61: The calendar year-end adjusted trial balance

Q62: At the beginning of the year, a

Q63: Current liabilities are cash and other resources