Question

Revenue and expense accounts are considered temporary accounts because they

Answer 1

Unlike permanent accounts, temporaryones must be closed at the end of your company's accounting period to beginthe new accounting cycle with zero balances. This means that at the end of each accounting period, you must close your revenue, expense and withdrawal accounts.

Answer 2

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Unlike permanent accounts, temporaryones must be closed at the end of your company's accounting period to beginthe new accounting cycle with zero balances. This means that at the end of each accounting period, you must close your revenue, expense and withdrawal accounts.