Which of the following accounts is considered a "temporary" account?
A) Inventory
B) Rent Expense
C) Accounts Payable
D) Common Stock
Correct Answer:
Verified
Q126: During the closing process, Retained Earnings is
Q127: Permanent accounts include:
A)cash, service revenue and land.
B)cash,
Q128: The entry to close revenue accounts:
A)increases total
Q130: The entry to close expense account(s):
A)increases total
Q133: Liabilities are classified as current or long-term.
Q134: The following accounts are listed in order
Q136: The Dividends account is closed by an
Q152: The entry made to close Service Revenue
Q164: Kincaid Company's Retained Earnings balance on January
Q180: Closing entries transfer net income or loss
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