Why is an Income Summary account used in the closing process rather than closing revenues and expenses

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Why is an Income Summary account used in the closing process rather than closing revenues and expenses directly to Retained Earnings? Why does the Income Summary account not appear on the financial statements?

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Financial Accounting Tools For Business Decision Making

ISBN: 9781119594574

8th Canadian Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine, Christopher D. Burnley

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Question Posted: Mar 03, 2023 11:41 PM

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Why is an Income Summary account used in the closing process rather than closing revenues and expenses

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Financial Accounting Tools For Business Decision Making

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