Complete the following descriptions related to temporary and permanent accounts. 1. Permanent accounts report on activities related

Question:

Complete the following descriptions related to temporary and permanent accounts.

1. Permanent accounts report on activities related to_future accounting periods, and they carry their ending balances into the next period.

2. _accounts include all income statement accounts, the withdrawals account, and the Income Summary account.

3. _accounts generally consist of all balance sheet accounts, and these accounts are not closed.

4. Temporary accounts accumulate data related to_accounting period.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Fundamental Accounting Principles Volume 2

ISBN: 9780077716660

21st Edition

Authors: John Wild, Ken Shaw, Barbara Chiappetta

Question Posted: