Accounts that are closed as the end of the year are called:
A)Permanent accounts.
B)Temporary accounts.
C)Balance sheet accounts.
D)Trial balance accounts.
E)All.

Question

Quizplus · Accepted Answer

Temporary accounts are closed at the end of the accounting period to transfer their balances to permanent accounts. This process helps in preparing the financial statements, and the accounts that are closed are revenue, expense, and dividend accounts.

Accounts That Are Closed as the End of the Year