Lets Discuss Permanent Accounts and Temporary Accounts
No unread replies.No replies.
Identify and describe the permanent accounts and temporary accounts that are used in an accounting cycle.

What is the difference between a permanent and temporary account?  Provide an example of the closing process.

This discussion will address the following Module Outcomes:

MO3: Explain the process of adjusting the general ledger accounts, closing the books, and preparing the financial statements. (CO2)