Which of these statements is not true?
A)Asset,liability,and stockholders' equity accounts are referred to as permanent accounts.
B)Revenue,expense,and dividend accounts are described as temporary accounts.
C)Temporary accounts are closed at the end of the period to retained earnings.
D)The balance sheet will not balance until the temporary accounts are closed to retained earnings.
E)With double-entry,each transaction is recorded twice.

Question

Quizplus · Accepted Answer

The Answer of Which of these statements is not true?
A)Asset,liability,and stockholders' equity accounts are referred to as permanent accounts.
B)Revenue,expense,and dividend accounts are described as temporary accounts.
C)Temporary accounts are closed at the end of the period to retained earnings.
D)The balance sheet will not balance until the temporary accounts are closed to retained earnings.
E)With double-entry,each transaction is recorded twice.

Which of These Statements Is Not True