Income statement accounts are also known as which of the following?
A)Temporary accounts
B)Real accounts
C)Permanent accounts
D)Asset accounts

Question

Quizplus · Accepted Answer

Income statement accounts are temporary accounts, meaning they are used to track revenue, expenses, and gains/losses for a specific period of time (such as a month or a year) and are then closed out at the end of that period. This is in contrast to permanent accounts, which are used to track balances that continue from one period to the next (such as assets, liabilities, and equity).

Income Statement Accounts Are Also Known as Which of the Following