When the accountant transfers the balance in each temporary revenue and expense account to the Retained Earnings account, this procedure is known as the closing of accounts.

Name: When the accountant transfers the balance in each temporary revenue and expense account to the Retained Earnings account, this procedure is known as the closing of accounts.
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Question

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The description provided accurately describes the closing process of temporary accounts at the end of an accounting period.

When the Accountant Transfers the Balance in Each Temporary Revenue