Income Statement accounts are also called:
A)equity accounts
B)temporary accounts
C)permanent accounts
D)None of the above

Question

Quizplus · Accepted Answer

Income Statement accounts are temporary accounts because they are used to track revenues, expenses, gains, and losses during a specific accounting period. At the end of the period, the balances of these accounts are transferred to the retained earnings account, which is a permanent account.

Income Statement Accounts Are Also Called