Which of the following statements about temporary account is not correct:
A: All temporary accounts are closed at the end of each accounting period.
B: In the post-closing trial balance, the temporary accounts are reset to zero ending balances.
C: Revenue and owner’s capital account are examples of temporary accounts.
D: Income summary is a temporary account used for the closing process.
A: All temporary accounts are closed at the end of each accounting period.
B: In the post-closing trial balance, the temporary accounts are reset to zero ending balances.
C: Revenue and owner’s capital account are examples of temporary accounts.
D: Income summary is a temporary account used for the closing process.
举一反三
- Which of the following is not a temporary account?（ ）。 A: Expense B: Revenue C: Common Stock D: Dividends
- Put the following into Chinese. "temporary account "
- Unearned revenue is closed to the income summary account at the end of the accounting period.
- Revenue accounts should begin each accounting period with zero balances.
- Unearned revenue is closed to the income summary account at the end of the accounting period. A: 正确 B: 错误