Accounts are temporary accounts

Assignment Help Financial Accounting

Reference no: EM131266434

Which of the following accounts are temporary accounts?

A. Cash

B. Accounts Payable

C. Owner's Equity

D. Revenue

After posting the closing entries, which of the following accounts is most likely not to have a zero balance?

A. Prepaid Insurance

B. Advertising Expense

C. J. Smith, Withdrawals

D. Medical Fees

Which of the following is not true?

A. All information from closing can be obtained from the worksheet or ledger.

B. Closing entries are usually done only at year-end.

C. Assets, liabilities, and capital are temporary accounts.

D. When closing is complete, all revenue accounts will have a zero balance.

Reference no: EM131266434

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