Permanent and temporary accounts

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Reference no: EM1358581

Discuss the differences between temporary and permanent accounts. What will happen if the temporary accounts like revenue, expense and dividend accounts are not closed in the ledger? Should the permanent accounts like all asset, Stockholders' equity and liability accounts be closed as well?

Reference no: EM1358581

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Permanent and temporary accounts : Discuss the differences between temporary and permanent accounts. What will happen if the temporary accounts like revenue, expense and dividend accounts are not closed in the ledger?

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