Multiple Choices
(Choose 1 answer)
(1536)Which statement is true?
A. Income summary and withdrawals accounts are permanent accounts and should be closed at the end of the accounting period.
B. Income summary and withdrawals accounts are temporary accounts and should be closed at the end of the accounting period.
C. Income summary and withdrawals accounts are temporary accounts and don't need to be closed at the end of the accounting period.
D. Income summary and Liability accounts are temporary accounts and should be closed at the end of the accounting period.
E. Income summary and asset accounts are temporary accounts and should be closed at the end of the accounting period.
