What are temporary accounts? Are temporary accounts closed in the closing process?
Answer to relevant QuestionsIf a business had a net loss for the year, what would be the closing entry to close Income Summary and transfer the net loss to the Retained Earnings account?Accounting uses a double-entry system. Explain what this sentence means. What are the four parts of a journal entry?Which method of accounting (cash or accrual basis) is consistent with generally accepted accounting principles?How is book value calculated, and what does it represent?
Post your question