Which of the following statements is incorrect? Multiple Choice Permanent account is another name for revenue...
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Which of the following statements is incorrect? Multiple Choice Permanent account is another name for revenue accounts. Temporary accounts carry a zero balance at the beginning of each accounting period. The Income Summary account is a temporary account. Permanent accounts remain open as long as the asset, liability, or equity items recorded in the accounts continue in existence. The closing process applies only to temporary accounts. Which of the following statements is incorrect? Multiple Choice Permanent account is another name for revenue accounts. Temporary accounts carry a zero balance at the beginning of each accounting period. The Income Summary account is a temporary account. Permanent accounts remain open as long as the asset, liability, or equity items recorded in the accounts continue in existence. The closing process applies only to temporary accounts.
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Related Book For
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
Posted Date:
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