Revenue and expense accounts are permanent (real) accounts and should not be closed at the end of the accounting period.
Correct Answer:
Verified
Q12: Permanent accounts carry their balances into the
Q13: An unclassified balance sheet provides more information
Q14: Accounts that appear in the balance sheet
Q15: Closing revenue and expense accounts at the
Q16: The accounting cycle refers to the sequence
Q18: A classified balance sheet organizes assets and
Q19: Revenue accounts are temporary accounts that should
Q20: The Income Summary account is a permanent
Q21: Adjustments must be entered in the journal
Q22: The work sheet is a required report
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