Choose from the following list of terms/phrases to best complete the statements below. a. Temporary b. Permanent

Question:

Choose from the following list of terms/phrases to best complete the statements below.
a. Temporary
b. Permanent
c. One or more
d. One
e. Zero balances
f. Income Summary
1. _________ accounts generally consist of all accounts, and these accounts are not closed.
2. Permanent accounts report on activities related to _________ future accounting periods, and they carry their ending balances into the next period.
3. Temporary accounts accumulate data related to _________ accounting period.
4. _________ accounts include all income statement accounts, the withdrawals account, and the Income Summary account.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...