Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 27 - No. 3)
Which type of account is *never* included in the journal entries for transferring balances to an income statement?
Revenue accounts
Expense accounts
Asset accounts
Impact accounts
Explanation
Asset accounts, liability accounts, and owner's equity accounts are permanent accounts and are carried forward to the next accounting period. Only temporary accounts (revenues and expenses) are closed at the end of the period.
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