QuickBooks automatically closes ________________ accounts to start each new year with a $0 balance in all _______________ accounts:

Question

Quizplus · Accepted Answer

QuickBooks automatically closes temporary accounts such as revenue, expense, and dividend accounts to start each new year with a $0 balance in all temporary accounts. Permanent accounts such as asset, liability, and equity accounts carry forward their balances to the new year. Therefore, option B, which states that QuickBooks automatically closes temporary accounts to start each new year with a $0 balance in all temporary accounts, is the best choice.

QuickBooks Automatically Closes ________________ Accounts to Start Each New Year