Explain why the income statement accounts are closed but the balance sheet accounts are not.
Question:
Explain why the income statement accounts are closed but the balance sheet accounts are not.
Balance SheetBalance 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...
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The income statement accounts are closed at the end of the accounting period because in e...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-1259964947
10th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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