The Income Summary account appears on the statement of financial position. O appears on the income statement. O is a temporary account. O is a permanent account.
The Income Summary account appears on the statement of financial position. O appears on the income statement. O is a temporary account. O is a permanent account.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter6: Financial Statements And The Closing Process
Section: Chapter Questions
Problem 6RQ: What is a permanent account? On which financial statement are permanent
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The Income Summary account appears on the
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