Question

Green Consulting closes out its withdrawals, expenses, and revenue accounts at the end of each fiscal period. These accounts are called Multiple Choice Balance sheet accounts. Permanent accounts.

Answer 1

Answer:

Temporary Accounts

Explanation:

All the income statement accounts are often termed as temporary accounts because the reason is that the accounts balances of the income statment accounts, which includes expense and income accounts, are closed at the end of each accounting period and the net balances of these accounts are adjusted in the balance sheet.

These accounts are only for one accounting period and thus the new accounting year starts with zero balances in these accounts as at the end of previous accounting period the accounts were closed.