How do temporary accounts differ from permanent accounts?.

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02-02-2022
Business

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How do temporary accounts differ from permanent accounts?.

Sagot :

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Tundexiidn Tundexiidn · Answer 1 · 2022-02-15T06:32:45-05:00

In essence, the temporary accounts differs from permanent accounts because they are cleared out at the end of the accounting period.

What are Permanent and Temporary accounts?

Permanent accounts are account found on the balance sheet (asset, liability, owner's equity accounts etc) while the Temporary accounts are zeroed out by an action called closing.

In conclusion, the temporary accounts differs from permanent accounts because they are cleared out at the end of the accounting period.

Sagot :

What are Permanent and Temporary accounts?

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