The account used to close the temporary accounts (revenues and expenses) before the finish of the accounting cycle is

Question

Business

Elisabeth Santana

17 April, 18:30

The account used to close the temporary accounts (revenues and expenses) before the finish of the accounting cycle is

+3

Answers (1)

Know the Answer?

Beaux · Answer 1

The answer is the Income Summary account. It is a provisional account into which all revenue and expense records are moved at the end of an accounting period. The net amount moved into the income summary account equivalents the net profit or loss that the company sustained during the accounting period.