Question: Which statement reports only temporary accounts? A. The income statement B. The balance sheet C. The statement of owners equity D. None of the above

Which statement reports only temporary accounts?

A. The income statement
B. The balance sheet
C. The statement of owners equity

D. None of the above are correct.

A post-closing trial balance

A. only reflects the balance sheet accounts.
B. only reflects the changes during the year.
C. shows every account has a zero balance

D. does not show total debits equal total credits.

Accounts in which the balances are carried over from one accounting period to the next are called

A. real accounts.
B. nominal accounts.
C. temporary accounts.
D. carry-forward accounts.

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