Revenue and expense accounts are considered temporary accounts because they?

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Revenue and expense accounts are considered temporary accounts because they?

A. are used onley once in a while.
B. are closed out periodically.
C. represent the asset and liability accounts.
D. are used when preparing the balance sheet.

2007-02-04 11:25:14 · 2 answers · asked by betty m 1 in Business & Finance ➔ Personal Finance

2 answers

Are you working on a take-home test or doing homework? The answer is B. They are closed out at yearend to the equity account.

2007-02-04 11:28:15 · answer #1 · answered by Rene F 2 · 0⤊ 0⤋

2007-02-04 11:31:40 · answer #2 · answered by Tax Accountant 1 · 0⤊ 0⤋