Another name for temporary accounts is
A)Balance column accounts.
B)Contra accounts.
C)Accrued accounts.
D)Real accounts.
E)Nominal accounts.

Question

Quizplus · Accepted Answer

Temporary accounts, also known as nominal accounts, are accounts that are only used for a specific period of time, typically a fiscal year. Examples include revenue, expense, and dividend accounts. These accounts are closed at the end of the fiscal year and their balances are transferred to permanent accounts.

Another Name for Temporary Accounts Is