alleryStart learning →Revenue and expense accounts are regarded as what kind of accounts?
AReal accounts
BContra accounts
CTemporary accounts
DPermanent accounts
Answer & Solution
Correct answer: C. Temporary accounts
They apply only to the current accounting period and are closed to equity afterwards.
Keep practising Double-Entry Bookkeeping
Browse all Double-Entry Bookkeeping questions for CA Foundation, or explore more Accounting topics.
Related questions
A contra account carries a balance that is what?What does the retained earnings account reflect?What does a chart of accounts list?A service is performed for a customer who pays later. Which account is credited?By accepted practice, how are credit entries shown in a journal?Which of these is a long-term liability?Which of these is an equity account?Another name for the balance sheet is what?