Which of the following accounts are temporary accounts that must be closed at the end of the year?
A)Assets, liabilities and capital
B)Revenues, expenses and capital
C)Assets, liabilities and drawings
D)Revenues, expenses and drawings

Question

Quizplus · Accepted Answer

Revenues, expenses, and drawings are temporary accounts that are closed at the end of the accounting period to reset their balances to zero for the next period.

Which of the Following Accounts Are Temporary Accounts That Must