Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 46 - No. 48)

Which of the following are considered temporary accounts?

Revenue accounts

Expense accounts

Asset accounts

Drawing accounts

Explanation

Temporary accounts are closed at the end of the accounting period and their balances are transferred to retained earnings (equity). These include Revenues, Expenses, and Drawing (or Owner's Withdrawals).

Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 46 - No. 48)

Explanation

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