Exam (elaborations)
D102 Financial Accounting Final OA Review Module 7(26 questions with 100- correct answers)
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D102 Financial Accounting Final OA Review Module 7(26 questions with 100- correct answers)
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D102 FinancialAccounting Final
OA Review
Module 7(26
questions with
100% correct
answers)
real accounts - answer These are reported in
the balance sheet: Assets, Liabilities, and
Owners' Equity (Paid-in Capital and Retained
Earnings). Permanent Accounts
nominal accounts - answer Temporary
subcategories of Retained Earnings that are
, maintained throughout the year and are then
closed to Retained Earnings at the end of
each year. These accounts are Revenues,
Expenses, and Dividends.
Real Accounts - answer Accounts that are
not closed to a zero balance at the end of
each accounting period; permanent accounts
appearing on the balance sheet
Nominal Accounts - answer Accounts that
are closed to a zero balance at the end of
each accounting period; temporary accounts
generally appearing on the income statement
Revenues
Expense
Dividends - answer What are the 3
temporary accounts?
Transfer the amounts to permanent home
(Retained Earnings)
Reset the balances to 0 (zero) for a new year
- answer At the end of the year two things
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