Which of the following are all temporary accounts?
A) Liabilities, revenue, and expenses
B) Revenue, liabilities, and the owner's Drawing
C) Assets, liabilities, and owner's Drawing
D) Revenue, expenses, and the Owner's Drawing
E) Liabilities and assets

Question

Quizplus · Accepted Answer

Revenue and expenses are both temporary accounts that are closed at the end of the accounting period, while Owner's Drawing is also a temporary account but specific to the owner's withdrawals from the business. Liabilities and assets are permanent accounts that are not closed at the end of the accounting period.

Which of the Following Are All Temporary Accounts