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Question 5/12

Which is NOT a temporary account?

A. Interest income
B. Rent income
C. Interest expense
D. Sales returns & allowances
E. Inventory

Time Remaining: 01:46

Sagot :

GinnyAnsweridn

Final answer:

Interest income, Rent income, and Sales returns & allowances are temporary accounts, while Inventory is not.


Explanation:

Interest income, Rent income, and Sales returns & allowances are all temporary accounts commonly found in financial statements. They are used to track revenue and expenses for a specific period and are closed at the end of the accounting cycle. On the other hand, Inventory is NOT a temporary account, as it is a permanent account used to track the cost of goods on hand.


Learn more about Types of accounts in accounting here:

https://brainly.com/question/34518522


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