The closing process applies only to permanent accounts.

Name: The closing process applies only to permanent accounts.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The closing process applies to both temporary and permanent accounts. Temporary accounts, such as revenue, expenses, and dividends, are closed at the end of the accounting period, while permanent accounts, such as assets, liabilities, and equity, are not closed and their balances are carried forward to the next period.

The Closing Process Applies Only to Permanent Accounts