Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 44 - No. 20)
What are the main categories of accounts that are closed at the end of the accounting period?
Assets, Liabilities, and Equity
Revenue and Expense accounts
Asset and Liability accounts
Equity accounts only
Explanation
At the end of the accounting period, the temporary accounts (revenue and expense accounts) are closed to the income summary account, and the balance is transferred to the retained earnings account.
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