Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 16 - No. 38)
Identify the accounts that are typically used when transferring the balances to an income statement at the end of the accounting period.
Revenue accounts
Expense accounts
Asset accounts
Liability accounts
Explanation
Revenue and expense accounts are temporary accounts and are closed at the end of the accounting period, and their balances are transferred to the Income Summary account.
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