Temporary accounts are closed

Temporary accounts are closed at what stage of the accountingprocess?

Multiple Choice

  • At the time that adjustments are made.

  • After adjustments are made and before the income statement isprepared.

  • After the income statement and the statement of retainedearnings are prepared, but before the balance sheet isprepared.

  • As the last journal entries at the end of each accountingyear.


Answer: Asthe last journal entries at the end of each accountingPeriod

Temporary Accounts will close before the Adjustments. Asthe Lase journal entries of the Accounting Period. Periodically theNominal accounts (Revenue, expense accounts) are closed with theentry of the lase transaction of that Period.

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