21 accounts that retain their balance from one period to the next are referred to as 4314214

21 accounts that retain their balance from one period to the next are referred to as 4314214

21.Accounts that retain their balance from one period to the next are referred to as permanent accounts and include balance sheet accounts. 

22.Accounts that start a new accounting period with zero balances are referred to as temporary accounts and include both balance sheet and income statement accounts. 

23.Income statement accounts are temporary accounts because their balances are closed out at the end of the accounting year. 

24.At the end of the accounting period, the balances in the nominal accounts are closed while the balances in the real accounts are carried forward to the next accounting period. 

25.At the end of the accounting period, the balances in the temporary accounts are closed while the balances in the permanent accounts are carried forward to the next accounting period. 

26.Closing the revenue and gain accounts at year-end requires that these accounts be debited. 

27.The year-end closing process transfers net income to retained earnings. 

28.Closing the expense and loss accounts at year-end requires that these accounts be debited. 

29.Due to the relationship of financial statements, the statement of stockholders' equity links the income statement to the balance sheet. 

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