QS 4-5 (Algo) Explaining temporary and permanent accounts LO P2 Select the appropriate term to complete the statements below. 1. 2. 3. Permanent accounts report on activities related to 4. Temporary accounts accumulate data related to transfer end-of-period balances in expense, withdrawals, and revenue accounts to the capital account. accounts generally consist of all balance sheet accounts, and these accounts are not closed. future accounting periods, and they carry their ending balances into the next period. accounting period.

QS 4-5 (Algo) Explaining temporary and permanent accounts LO P2 Select the appropriate term to complete the statements below. 1. transfer end-of-period balances in expense, withdrawals, and revenue accounts to the capital account. 2. accounts generally consist of all balance sheet accounts, and these accounts are not closed. 3. Permanent accounts report on activities related to 4. Temporary accounts accumulate data related to future accounting periods, and they carry their ending balances into the next period. accounting period