Complete the following descriptions related to temporary and permanent accounts. 1. Permanent accounts report on activities related
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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.
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Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9780077716660
21st Edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
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