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    loridawn42's Avatar
    loridawn42 Posts: 1, Reputation: 1
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    #1

    May 11, 2007, 07:29 PM
    Income state
    Are both income statement and balance sheet accounts closed at the end of a fiscal year?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    May 12, 2007, 10:33 PM
    No.

    Income Statement accounts are closed at the end of the year, Balance Sheets accounts are NEVER closed, although you do total it up to use as the opening balance next year.
    berrysweetncgurl's Avatar
    berrysweetncgurl Posts: 166, Reputation: 19
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    #3

    May 16, 2007, 09:39 PM
    You close your nominal (temporary) accounts at the end of each fiscal year of your company, your nominal accounts consist of revenues, expenses, and dividends. At the end of each year you will close these accounts out to the retained earnings of the company. That will bring the balance in each of these nominal accounts to zero.
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