Ask Experts Questions for FREE Help !
Ask
    fet1021's Avatar
    fet1021 Posts: 1, Reputation: 1
    New Member
     
    #1

    Oct 7, 2014, 09:29 AM
    Are accounts that appear in the balance sheet often called temporary accounts
    Accounts appearing in balance sheet
    Temporary accounts
    Oliver2011's Avatar
    Oliver2011 Posts: 2,606, Reputation: 746
    Ultra Member
     
    #2

    Oct 7, 2014, 10:42 AM
    ?? Did you change your question? Because suddenly my answer didn't fit the question.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #3

    Oct 7, 2014, 02:49 PM
    Perhaps this is a tempoary question
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #4

    Oct 8, 2014, 01:21 PM
    Temporary accounts are on the Income Statement. Only permanent accounts are on the Balance Sheet.
    Oliver2011's Avatar
    Oliver2011 Posts: 2,606, Reputation: 746
    Ultra Member
     
    #5

    Oct 8, 2014, 01:34 PM
    The original question was about off the balance sheet accounting.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #6

    Oct 9, 2014, 04:17 AM
    Temporary in the sense they are aggregations of other accounts, like The Profit and Loss account the balance of which is carried to retained earnings

    All the item accounts used to compile the P&L statement are temporary because their balance is transferred to the Profit and Loss account thereby creating a zero balance

    “Permanent accounts” consist of items located on the balance sheet, such as assets, owners' equity and liability accounts. Unlike permanent accounts, temporary ones must be closed at the end of your company's accounting period to begin the new accounting cycle with zero balances.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Balance sheet accounts [ 3 Answers ]

Below is a list of various balance sheet accounts and their balances. Debit Credit Notes payable-short term $800 Salary payable 3,600 Notes payable-long term 20,000 Accounts...

About balance sheet and ledger accounts [ 2 Answers ]

I have attached the file, Please look at it and see if anyone can solve it Please, I need help as soon as possible. Thank you for your time. My email:

ACCOUNTS!tell me how to solve balance sheet? [ 2 Answers ]

I want to know about balance sheet I am having too much difficulty in balance sheet? Please help me?:):)

Income and Balance Sheet Accounts [ 1 Answers ]

Hi ~ I was wondering if you could help me put the right accounts into the right statements. These are the accounts I have: Accounts Payable Accounts Receivable Cash Fees Earned Insurance Expense Land Miscellaneous Expense Prepaid Insurance


View more questions Search