When a business closes its accounts at the end of a financial period, the only accounts remaining open are:
A) permanent accounts.
B) temporary accounts.
C) income statement accounts.
D) revenue accounts.

Question

Quizplus · Accepted Answer

When a business closes its accounts at the end of a financial period, the only accounts remaining open are permanent accounts. Permanent accounts are all statement of financial position accounts (asset, liability and equity accounts).

When a Business Closes Its Accounts at the End of a Financial