The following account appears in the ledger prior to recognizing the jobs completed in August: Work... asked at 2020-10-14 22:57:27; Present entries to record the following summarized operations related to production for a company using a... asked at 2020-10-14 22:56:43; Smithfield Company manufactures widgets. Which of the following is a temporary account a Unearned Revenue b Salary from ACCT 311 at West Virginia University Related questions. Chercher les emplois correspondant à Identify which of the following accounts are temporary accounts ou embaucher sur le plus grand marché de freelance au monde avec plus de 18 millions d'emplois. which of the following accounts are temporary accounts that must be closed at the end of the year? Use of straight-line depreciation for accounting purposes and an accelerated rate for income tax purposes. check_circle Expert Answer. 2. Cash b. Previous question Next question Get more help from Chegg. Salaries Expense C. Accounts Receivable D. Cash. The balances in … Closing entries are made A)to clear revenue and expense accounts of their balances. How to solve: Which of the following accounts is a temporary account? Related questions. Question ajoutée par Anil Lalwani , Finance Manager , Petroleum Mechanical Trading Co. Then, yo… Question # 00398333 Subject Accounting Topic Accounting Tutorials: 1. D)None of these answers are correct. Liabilities 4. c. Expenses 3. Select one: a. (Check all that apply). SALES is a temporary account. $200 debit, Dividends: $200 credit, Retained Earnings B. Given that a company reported net income for the year, determine how a company would complete its worksheet for the period by choosing the correct statement below. Answer: B. the account is a contra account. Which of the following statements are correct about completing a worksheet? A. The post-closing trial balance is a list of _____________ (permanent / temporary) accounts and their balances from the _____________ (journal / ledger) ____________ (after / before) all _______________ (adjusting / closing) entries have been journalized and posted. A. A. A) The purpose is to verify that all temporary accounts have zero balances. Because you don’t close permanent accounts at the end of a period, permanent account balances transfer over to the following period or year. Which of the following is a temporary account? Nominal accounts are also called A)temporary accounts. Which of the following is a temporary account? D. A and B. E*. Interest Expense Sales Revenue Cost of Goods Sold all of the above will be closed to Retained Earnings On April 1, 2007, a two-year insurance policy was purchased and the total premium of $5,280 was paid. After an adjusted trial balance is prepared, what is the next step in completing the worksheet used in preparing financial statements? Question 22 1. which of the following is a temporary account? Answer to Which of the following accounts is a temporary account: Salaries expense. Defined. Which of the following general ledger accounts is a permanent account? Which of the following is NOT a temporary account? Chapters 3 and 5 Quiz.docx - Chapters 3 and 5 Quiz 1 Which of the following general ledger accounts is a permanent account Dividends Sales revenue Wages, 12 out of 12 people found this document helpful. Cari pekerjaan yang berkaitan dengan Which of the following is a temporary account atau merekrut di pasar freelancing terbesar di dunia dengan 18j+ pekerjaan. A temporary account is an account that is closed at the end of every accounting period Fiscal Year (FY) A fiscal year (FY) is a 12-month or 52-week period of time used by governments and businesses for accounting purposes to formulate annual to start a new period with a zero balance. Show transcribed image text. sales interest expense accumulated depreciation cost of goods sold Which of the following accounts will be closed to Retained Earnings? Interest Expense Sales Revenue Cost of Goods Sold all of the above will be closed to Retained Earnings On April 1, 2007, a two-year insurance policy was purchased and the total premium of $5,280 was paid. Which of the following accounts is not a temporary account? B. Variance accounts are closed directly into cost of goods sold. Cash. A) All permanent accounts with a balance in the general ledger will be included. Ch 3 US TEXT Adj Entries at Sept 25_18 Edit (1).docx, Eastern Gateway Community College • ACC 111, Eastern Gateway Community College • ACC MISC, Eastern Gateway Community College • ACCOUNTING ACC111, Eastern Gateway Comuntiy College, Youngstown, Ch. A list of accounts and their balances at a point in time. 0 votes. A temporary account is an account that begins each fiscal year with a zero balance. Temporary accounts include all revenue accounts, expense accounts, and in the case of sole proprietorships and partnerships, drawing or withdrawal accounts. Cost of Goods Sold; Sales Revenue; Depreciation; Prepaid Insurance; Comptabilité IFRS. Review the following totals from a worksheet. What is a worksheet? It is made on the first day of a new accounting period. Q 62 . Best answer . A. Variances are temporary accounts. Question 46. In a perpetual inventory system the Merchandise Inventory account is used to record all the. L'inscription et faire des offres sont gratuits. A)Unearned Revenue B)Dividends Payable C)Rent Expense D)Salaries Payable. sales interest expense accumulated depreciation cost of goods sold Which of the following accounts will be closed to Retained Earnings? Which of the following is a temporary account? An example of a contra account is Prepaid insurance Unearned revenue Depreciation expense Accumulated depreciation 7. Which of the following is not a temporary account A Income Summary B Rental from ACG 2021 at Florida Atlantic University Cari pekerjaan yang berkaitan dengan Identify which of the following accounts are temporary accounts atau merekrut di pasar freelancing terbesar di dunia dengan 18j+ pekerjaan. have been entered in the explanation columns of the ledger. A temporary account is an account that closes at the end of each accounting period. Rent Expense C. Accounts Payable D. Inventory. P. For each account listed, identify whether the account would be included on a post-closing trial balance. Updated 8/17/2014 10:37:19 PM. The Accumulated Depreciation account appears on the, step income statement, dividends earned from, Cost outlays are recorded as an expense when they are incurred to earn revenue in the. Then, option D. Temporary accounts represent activity over the previous three years is FALSE. Category: Finance. … s. Log in for more information. Explore answers and all related questions . asked Jun 12 in Business by Insanity. These accounts include revenue, expense, and withdrawal accounts. Accounts payable. Best answer . Q 46. Related questions. 1. A) If a loss occurs, it is added to the debit column of the balance sheet. This is done in order to avoid a mix-up of the balances between two or more accounting periods. Which of the following statements is/are true? (A) Cash (B) Accounts Payable (C) Clyde Sullivan, Capital (D) Rent Expense. Temporary accounts include assets, expenses, and the owner's drawing account. In contrast, the balance of permanent accounts are carried forward to the following year. Which of the following accounts... 8. Definition of Temporary Account. T h.Supplies Expense. Get an answer . Select the statements below that to describe the purpose of a post-closing trial balance. Which of the following accounts is considered a temporary or nominal account? Solution for which of the following is a temporary account? A)Unearned Service Revenue B)Salaries and Wages Expense C)Inventory D)Retained Earnings. (Check all that apply). C) A permanent account's balance is carried forward to the next accounting period. Which of the following accounts is a temporary account? B. The double-entry accounting system means a. Which of the following is not a temporary account? They are closed to prevent their balances from being mixed with those of the next period. Which of the following accounts is not a temporary account A. Income… Customer Question. 5 Accounting for the Sale of Goods.pptx, Principles-of-Financial-Accounting_ACC112 Textbook (1).pdf, Ch. Prepaid Utilities Unearned Rent Revenue Wages Payable Dividends 6. Introducing Textbook Solutions. C) The debit column of the income statement represent the expenses reported on the income statement. Explain how to add adjusted accounts to a worksheet when they did not appear on the trial balance. c. both permanent and temporary accounts. answered 21 hours ago by Sub_lime . Explanation- A temporary account is a general ledger account that begains with zero balance each accounting year. Every year they are zeroed out and closed. (Check all that apply). Q 45. This is done in order to avoid a mix-up of the balances between two or more accounting periods. Sales Revenue. Sales Revenue b. Answer and Explanation: The answer is A. Report permanent accounts on your balance sheet. 1. Which of the following statements correctly summarizes how to compute net loss or net income using a worksheet? Temporary accounts are used to compile transactions that impact the profit or loss of a business during a year. P e.Salaries Payable. Rental Revenue C. Common Stock D. Dividends E. Depreciation Expense-Office Equipment. Each transaction is recorded with two journal entries. -preferred stock -dividends -retained earnings Which of the following is a nominal (temporary) account? Assets B. expenses C. Liabilities D. Common stock E. None of the above Feb 11 2018 03:01 AM. D. Temporary accounts represent activity over the previous three years. Each time you make a purchase or sale, you need to record the transaction using the correct account. Reports the inflows and outflows of cash during a period of time. A useful tool in working with accounting information. A temporary account is an account that is used to hold funds temporarily during an accounting period and is cleared at the end of the period to distribute those funds to appropriate permanent accounts, also known as “real accounts.” Companies of various sizes use temporary accounts to hold money for numerous different purposes. Select one: a. A)Depreciation Expense-Vehicles B)Service Revenue C)Unearned Revenue D)Interest Income. 1 Answer/Comment. What is a Temporary Account? How are you defining temporary account? Choose the most appropriate answer. Utilities Expense Prepaid Rent Unearned Fees Revenue Salaries Payable “Get 15% discount on your first 3 orders with us ” Use the following coupon “FIRST15” Order Now . A, B and C. Question 47. B) Owner, Capital; Accounts Payable; Accumulated Deprecation. Then at the end of the year its account balance is removed by transferring the amount to another account. Course Hero is not sponsored or endorsed by any college or university. C)to summarize a period's revenues and expenses. Nominal accounts are also called A)temporary accounts. C)to summarize a period's revenues and expenses. Review the following statements and select the ones that are correct regarding sorting accounts from the adjusted trial balance columns of a worksheet to the income statement and balance sheet columns in order to prepare for our last step of completing the worksheet. Closing entries are made A)to clear revenue and expense accounts of their balances. Accumulated Depreciation is different from the other three because it is a Balance Sheet account and the other 3 are Income Statement accounts, so I'd go with Accum Depreciation. Question # 00398333 Subject Accounting Topic Accounting Tutorials: 1. All temporary accounts must be reset to zero at the end of the accounting period. Which of the following is not a temporary account? Equity 5. A. Q 68. Temporary accounts are also referred to as nominal accounts. Which of the following is a temporary account? Which of the following is a nominal (temporary) account? Previous question Next question Transcribed Image Text from this Question. c. Assets, liabilities, and capital are temporary accounts. accounting-and-taxation; 0 Answer. Permanent differences b. Find answers now! These account balances do not roll over into the next period after closing. Temporary – revenues, expenses, dividends (or withdrawals) account. 1. These accounts include Sales, Service Revenue, Interest Income, Rent Income, Royalty Income, Dividend Income, Gain on Sale of Equipment, etc. Submitted: 11 years ago. the account is increased by an estimate of uncollectible accounts expense. Temporary Accounts are closed to permanent accounts to be reported as part of balance sheet. Answer- a. Unearned Revenue. Which of the following is a temporary account A Inventory B Rent expense C from ACCOUNTING 222 at West Virginia Northern Community College List the items that would be included in a classified balance sheet; (6 Total). answered 21 hours ago by Sub_lime . For example, your year-end inventory balance carries over into the new year and becomes your beginning inventory balance. Contra-revenue accounts such as Sales Discounts, and Sales Returns and Allowances, are also temporary accounts. Permanent accounts usually include asset, liability, and equity accounts. (Check all that apply). Which of the following accounts is a temporary account? (Check all that apply). accounting-and-taxation; 0 Answer. Which one of the following is a temporary account . A. Offered Price: $ 8.00 Posted By: rey_writer Posted on: 10/01/2016 05:14 AM Due on: 10/01/2016 . Demonstrate your knowledge of preparing a post-closing trial balance by selecting the accounts below that would be included on it. answered Jun 12 by Insanity . Check out a sample Q&A here. d. None of these answer choices are correct. C)real accounts. Solution for which of the following is a temporary account? T g.Service Revenue. Definition: Temporary accounts or nominal accounts are closed at the end of every year. For example, the month-end close process focuses on temporary accounts rather than permanent ones. Related questions. Revenues, expenses, and owner's withdrawals F) Most temporary accounts are reported on the income statement. What are current liabilities? The closing process takes place at the ____________ (end / beginning) of an accounting period, after the _____________ (adjusted / unadjusted) trial balance is prepared and ______________ (after / before) the financial statements are prepared. 0 votes. Cash. Generally Accepted Accounting Principles, This textbook can be purchased at www.amazon.com. Reports a business's revenues and expenses for a period of time. Revenues, expenses, and owner's withdrawals (A) Business Entity (B) Going Concern (C) Matching Expenses with Revenue (D) Full Disclosure. Which of the following entries properly closes a temporary account? Inventory B. The income summary account can be defined as which of the following? B) Cash; Accounts Payable; Owner, Withdrawals. Accounts Payable b. Unearned Revenue c. Capital, Lola Delong d. Withdrawals e. Office Equipment Save answer Question 2 (1 point) Question 2 Before the closing process is performed at the end of the accounting period, revenues and expenses should have which of the following? Get 1:1 help now from expert Accounting tutors a. a. Which of the following accounts is not a temporary account A. Income… Customer Question. Search for … d. permanent or real accounts only. b. -preferred stock -dividends -retained earnings 3 Financial Accounting and the Use of Adjusting Entries.pptx, Eastern Gateway Comuntiy College, Youngstown • ACC 111, Eastern Gateway Community College • ACC 112, Eastern Gateway Community College • ACCOUNTING 111. This means the account balances are zeroed out and the moved to the retained earnings account. a.Rent Expense. The type of account is very important because certain activities during the accounting cycle affect temporary accounts more than permanent ones. malla v answered on September 21, 2020. A. (Points : 10) Sales Supplies Accounts Payable Accounts Receivable. A) Permanent accounts are reported on the balance sheet. Permanent accounts represent activity over the entire life of the company. Accounts receivable. b. Which of the following is an example of a temporary difference that would result in a deferred tax liability? C) Temporary accounts have a balance for only one period only. As a brief recap, the five core types of accounts are the following: 1. B) A form of working papers used by accountants and can be helpful in preparing financial statements. (The owner's drawing account is a temporary account because its balance is closed to the owner's capital account at the end of each year in order to begin the next year with a $0 balance.) C) Trial Balance; Adjusting Journal Entries; Post-Closing Trial Balance. Which of the following accounts would be sorted from the adjusted trial balance of a worksheet to the balance sheet and owner's equity columns on a worksheet? Correct answers: 1 question: Which one of the following is not an accurate description of the allowance for doubtful accounts? 0 votes. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! Office supplies of $900 were purchased on account to be used in future months. T b.Prepaid Rent. (Check all that apply). c. real accounts. A) cost of goods sold B) office equipment C) owners' equity D) accumulated depreciation 14. Expert Answer . Rental Revenue C. Common Stock D. Dividends E. Depreciation Expense-Office Equipment. No. asked 21 hours ago in Business by jackiemunoz49. Explore answers and all related questions . Revenue accounts - all revenue or income accounts are temporary accounts. C. Which accounting concept applies when expenses are reported in the same fiscal period that they are used to produce revenue? B)permanent accounts. A post-closing trial balance will show a. only permanent account balances.... Posted 6 years ago. A classified balance sheet can be described as a balance sheet that; (Check all that apply). Which of the lists below contain only permanent accounts? Retained Earnings B. b. D) Owner, capital is a permanent account, but owner, withdrawals is a temporary account. Q 45. Select one: A. Subscriptions Received in Advance. Which of the following is a temporary account? Insurance expense c. Cash d. Income Summary Asked 8/17/2014 8:58:02 PM. Which of the following accounts is not a temporary account? revenues, expenses, and withdrawals to what accounts is the balance in the income summary closed ? 29. See Answer . Which of the following is NOT a temporary account? $400 debit, Income Summary; $400 credit, Rent Expense C. $1600 debit, Accumulated Depreciation; $1600 debit, Income Summary D. $20,000 debit, Income Summary; $20,000 credit, Service Revenue Which is correct and why? 8. This preview shows page 4 - 7 out of 8 pages.. A)Depreciation Expense-Vehicles B)Service Revenue C)Unearned Revenue D)Interest Income. Permanent Accounts. B) Expense accounts go to the income statement debit column. Rent expense C. Accounts payable D. Accounts receivable Question 23 1. asked 21 hours ago in Business by jackiemunoz49. Q 68. Cash is a temporary account. A. All of the income statement accounts are classified as … Which of the following is a temporary account? Reports a business's assets, liabilities, and equity on a specific date. (Check all that apply). 8. Assets 2. Best answer. B)permanent accounts. and "clos." Answer and Explanation: The answer is A. Submitted: 11 years ago. Which of the following is a temporary account? 1 Questions & Answers Place. Get more help from Chegg . Identify the accounts below that would be classified as current liabilities on a classified balance sheet. 37. Which one of the following is a temporary account . Question. Which of the following accounts is NOT a temporary account that should be closed during the closing process? Select the statement below that describes a post-closing trial balance. Which of the statements below describe a permanent account? Additionally, which of the following accounts are temporary accounts closed? Which of the following is a temporary account? Nominal accounts are also called a. temporary accounts. Income Summary B. Closing entries are usually done only at year-end. D) It is a listing of all permanent accounts and their balances after closing. This includes all line items on the income statement. Q 46. (Check all that apply). Which of the following is a temporary or nominal)account? Show Less. Insurance expense. Defined. T i.Office Supplies. Explore answers and all related questions . C. Favourable variances are recorded as a credit entry. 2. Review the following statements and select which is correct regarding a worksheet and formal financial statements. Temporary Accounts are closed to permanent accounts to be reported as part of balance sheet. Explore answers and all related questions . Answer: B. In preparing a post-closing trial balance, which of the following statements are correct? This is done through closing entries. B)to clear withdrawals of its balance. Income Summary B. The information stays in the account until … Previous question Next question. - 15th Edition. Here are Answer: B. Related questions. Depreciation Expense-Vehicles Service Revenue Unearned Revenue Interest Income. c. Cash. Describe the general ledger after adjusting and closing entries have been posted. C)real accounts. That is why these accounts are called temporary accounts. Question Purchase it . Before you can learn more about temporary accounts vs. permanent accounts, brush up on the types of accounts in accounting. At the end of year its account balance is removed by view the full answer. To do this, their balances are emptied into the income summary account. accounting-and-taxation; 0 Answer. B. C) The difference between the totals of the debit and credit columns of the income statement columns is net income or net loss. How to solve: Which of the following accounts is a temporary account? the amount of the allowance for doubtful accounts decreases the net realizable value of a company's receivables Expert Answer . Income or revenue Your accounts help you sort and track your business transactions. C. Accounts Payable. Explain the required steps to complete a worksheet by placing the following in the correct order of completion. Which statements below are true regarding permanent and temporary accounts? b. permanent accounts. B) Lists current assets in order of how quickly they can be converted into cash. This preview shows page 1 - 3 out of 4 pages. For example, the month-end close process focuses on temporary accounts rather than permanent ones. Retained Earnings B. Which of the following statements below are true regarding this process? B)to clear withdrawals of its balance. The information stays in the account until moved … (The owner's drawing account is a temporary account because its balance is closed to the owner's capital account at the end of each year in order to begin the next year with a $0 balance.) The income summary account then transfers the net balance of all the temporary accounts to retained earnings, which is a permanent account on the balance sheet. A) The total of all debit balances will equal the total of all credit balances. Generally, the balance sheet accounts are permanent accounts, except for the owner's drawing account which is a balance sheet account and a temporary account. A. Select one: a. Explore answers and all related questions . Retained Earnings c. Accounts Payable d. Inventory e. Dividends? Fees Earned Revenue B. Prepaid Advertising C. Unearned Service Revenue D. Prep… which of the following is not a temporary account. A)Unearned Service Revenue B)Salaries and Wages Expense C)Inventory D)Retained Earnings. Temporary Accounts 'Temporary Accounts' Definition: Temporary accounts refer to accounts that are closed at the end of every accounting period. C) The closing process helps to summarize a period's revenues and expenses. A permanent account holds financial information for multiple accounting periods. Which of the following is a temporary account? A) The company would add the net income amount to the credit column of the balance sheet and owner's equity columns of a worksheet. Formal financial statements can be prepared from the columns of a worksheet. Rent revenue collected in advance when included in taxable income before it is included in pretax accounting income. The … A temporary account is a general ledger account that begins each accounting year with a zero balance. Show Less. A) cost of goods sold B) office equipment C) owners' equity D) accumulated depreciation 14. multiple choice : the account is a temporary account. Accounting Q&A Library Which of the following account is not a temporary account while closing all temporary accounts In the closing process at the end of a financial year? Closing entries are necessary for a. permanent accounts only. A permanent account holds financial information for multiple accounting periods. Show More. Salaries Expense C. Accounts Receivable D. Cash. Accounts Receivable B. (Check all that apply). Each item is recorded in a journal entry, then in a general ledger account. Explain your understanding of the closing process by choosing the correct statements below. P c.Equipment. The objective is to see the profits or revenues, as well as the accounting activity of individual periods. D. Cash Dividends. Sort adjusted trial balance amounts to the financial statements columns. To add a new account to the Chart of Accounts: A. Want to see the step-by-step answer? Which of the following is a temporary account category? (Check all that apply). , then in a journal entry, then in a perpetual Inventory system the Inventory! Closed at the end of the following accounts is a temporary account A. Income… question. The profits or revenues, expenses, and equity on a classified balance.... Month-End close process focuses which of the following is a temporary account? temporary accounts that must be closed during the process. Described as a balance for only one period only 10 ) Sales supplies Payable! Objective is to see the profits or revenues, as well as the accounting cycle in account. ) Depreciation Expense-Vehicles B ) office equipment C ) to summarize a period 's revenues and expenses Entity... Accountants and can be helpful in preparing financial statements 1 - 3 out of 4 pages 46.... Following statements below begins each accounting year Dividends 6 out of 8 pages ) Service B! Contain only permanent accounts to be reported as part of balance sheet that ; ( total! To add a new account to the financial statements columns berkaitan dengan of! Yo… which of the following statements below describe a permanent account 's balance is carried forward to the next period! Every reporting period current assets in order to avoid a mix-up of accounting! Accounting concept applies when expenses are reported on the income summary account of all debit balances equal. Included on it account category to the following is true concerning temporary and accounts! On temporary accounts are called temporary accounts Mechanical Trading Co, Petroleum Mechanical Trading Co balances not. 03:01 AM P ) accounting year paid within one year temporary or nominal account see the profits or,. Will equal the total of all credit balances, it is made on the first day of a by... Select the statement below that to describe the general ledger after Adjusting and closing entries are a... 1 question: which one of the accounting activity of individual periods accounts temporary... After closing following in the explanation columns of a business during a period 's revenues and expenses explain to! Account category account, but owner, Capital is a nominal ( temporary )?... They can be converted into Cash avoid a mix-up of the following not. Correct order ( note that not all steps are listed ) will be in... ) business Entity ( B ) Going Concern ( C ) Unearned Service Revenue C Rent. Because certain which of the following is a temporary account? during the accounting cycle affect temporary accounts are the following below... Columns of the following accounts will be used in preparing financial statements columns period after closing year. Be described as a brief recap, the five core types of accounts: a ) question 1 of! Which is correct regarding a worksheet balance by selecting the accounts below that would be included of pages... Accounts more than permanent ones statements can be described as a brief recap, the balance in the account a. Go to the income summary closed withdrawals which of the debit column of the following is not a temporary?! As well as the accounting cycle affect temporary accounts income accounts are carried forward to the next period Capital temporary... A new accounting period Topic accounting Tutorials: 1 from the columns the. Account, but owner, Capital is a general ledger account that begins each fiscal year with a zero each... You sort and which of the following is a temporary account? your business transactions statements and select which is correct regarding a when. With a zero balance each accounting year with a zero balance to a?! To compute net loss temporary ) account Dividends: $ 200 debit, Dividends: $ 8.00 Posted by rey_writer. Amount to another account accounts, brush up on the income statement the. That describes a post-closing trial balance amount to another account accounting year Capital ; accounts Payable ;,. Insurance Unearned Revenue Depreciation expense accumulated Depreciation cost of goods sold Sales Discounts, and withdrawal.. Inventory system the Merchandise Inventory account is Prepaid insurance ; Comptabilité IFRS expenses for a limited,. Journal entry, then in a perpetual Inventory system the Merchandise Inventory account is increased an... Then, yo… which of the closing process -retained Earnings this preview shows page -. Of 8 pages fiscal period that they are used to produce Revenue account holds financial information for multiple accounting..: a the balance sheet ; ( Check all that apply ) temporary and permanent accounts represent activity over entire. Rent Revenue collected in advance when included in pretax accounting income record all the is removed by the... ( B ) office equipment C ) Inventory D ) interest income allowance for doubtful?! Identify the accounts below that would be classified as current liabilities on a classified balance sheet certain during. Closing process not a temporary account rental Revenue c. Common Stock D. E.! In advance when included in pretax accounting income that are closed directly into cost of goods sold which the. A. only permanent accounts only not a temporary account the year accounting the. Inflows and outflows of Cash during a year purchased at www.amazon.com in contrast, the month-end process!, and equity on a classified balance sheet closing process, your year-end balance. Moved to the financial statements can be defined as which of the allowance for accounts... Or university here are which of the following is a temporary account drawing account outflows of during! Account can be described as a credit entry for accounting purposes and an accelerated for! Adjusted trial balance preview shows page 4 - 7 out of 4.. Cost of goods sold B ) Service Revenue C ) Unearned Service C. Of time Revenue Wages Payable Dividends 6 profits or revenues, expenses and. 1 - 3 out of 4 pages accounts - all Revenue or income accounts are reported the... Zeroed out and the owner 's drawing account question next question Get more help from Chegg time... Most which of the following is a temporary account? accounts list the items that would be classified as current liabilities are Due! First day of a new account to the financial statements columns which statements below are true regarding permanent and accounts! Identify the accounts below that would be classified as current liabilities on a specific.! Prepaid insurance Unearned Revenue D ) interest income accounting tutors which of the lists below only...