Identify each of the following categories of accounts as temporary or permanent: assets, liabilities, equity, revenues, expenses,

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Identify each of the following categories of accounts as temporary or permanent: assets, liabilities, equity, revenues, expenses, dividends. How is the distinction between temporary and permanent accounts related to the closing process?

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Cornerstones of Financial and Managerial Accounting

ISBN: 978-0324787351

1st Edition

Authors: Rich Jones, Mowen, Hansen, Heitger

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Question Posted: Jul 23, 2012 02:54 AM

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Identify each of the following categories of accounts as temporary or permanent: assets, liabilities, equity, revenues, expenses,

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Expense revenue and dividend accounts are temporary accounts The income summary account is ...View the full answer

Cornerstones of Financial and Managerial Accounting

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