Temporary accounts include assets expenses and the owner's drawing account that is False.
Temporary accounts include assets expenses and owner subscription accounts. The raffle account is a permanent account. Temporary accounts are also called nominal accounts. Temporary accounts must start each taxable period with a zero balance.
The drawing account will be used again in the following year to track next year's distributions. This means that the draw account is a temporary account and not a permanent account. temporary account. Income Statement Accounts closed with a zero balance at the end of an accounting period. permanent account. A balance sheet account that maintains a permanent balance.
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