Which of the following categories of accounts are temporary accounts that are closed at the end of the year?
A)assets,liabilities,and owner's withdrawals
B)revenues,expenses,and owner's withdrawals
C)assets,liabilities,and owner's equity
D)revenues,expenses,and owner's equity

Question

Quizplus · Accepted Answer

Revenues, expenses, and owner's withdrawals are temporary accounts that are closed at the end of the year to reset their balances to zero for the next accounting period.

Which of the Following Categories of Accounts Are Temporary Accounts