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a) Which accounts are permanent and which are temporary? What does this mean? Balance Sheet accounts Permanent Income statement accounts Temporary Permanent accounts retain their balance from year to year. Temporary accounts are zeroed out at the end of the year and the account starts over the next year. **** Remember to review above the main accounts and whether they are income statement or balance sheet accounts b) At the end of the period, Income Statement Accounts (Revenues and Expenses) are zeroed out and the net balance is transferred to Retained Earnings (a permanent account) - this is known as the Closing Process. c) Is Dividends Paid a permanent or temporary account? Temporary At the end of the year, the Dividends Paid account is closed out (balance becomes zero) and the Retained Earnings account is adjusted by the same amount. 14) Annual Reports a) What are the 4 main financial statements? i) ii) iii) iv) ***** Be familiar with what each of these statements show to potential investors and other external parties (review the statements to know the main parts)