Assets,liabilities,and the owner's capital account are closed at the end of the accounting period.

Question

Quizplus · Accepted Answer

Assets, liabilities, and the owner's capital account are not closed at the end of the accounting period; instead, they are permanent accounts that carry their balances into the next period. Only revenue, expense, and dividend accounts (temporary accounts) are closed to prepare for the new accounting period.

Assets,liabilities,and the Owner's Capital Account Are Closed at the End