BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

Solutions

Chapter
Section
BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
1 views

What types of accounts are referred to as temporary accounts?

To determine

Temporary accounts:

Temporary accounts are the accounts that occurred during a particular accounting year and are closed in the same accounting year. These accounts are also known as nominal accounts. These accounts include all expenses and losses, all revenues and gains, and dividends.

To List: The types of temporary accounts.

Explanation

According to post-closing trial balance, the temporary accounts like, revenues, expenses and dividend accounts are closed. Then those accounts are transferred to retained earnings account to prepare the post-closing trial balance...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

What does the invisible hand of the marketplace do?

Principles of Microeconomics (MindTap Course List)

FINANCIAL LEVERAGE EFFECTS The Neal Company wants to estimate next year's return on equity (ROE) under differen...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What is the purpose of building a theory?

Economics (MindTap Course List)