Complete the following descriptions related to temporary and permanent accounts. 1. Temporary accounts accumulate data related to

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Complete the following descriptions related to temporary and permanent accounts.
1. Temporary accounts accumulate data related to ______ accounting period.
2. Permanent accounts report on activities related to ______ future accounting periods, and they carry their ending balances into the next period.
3. ______ accounts include all income statement accounts, the withdrawals account, and the Income Summary account.
4. ______ accounts generally consist of all balance sheet accounts, and these accounts are not closed.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Fundamental Accounting Principles

ISBN: 978-0078110870

20th Edition

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

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