Question

In: Accounting

Consider the following accounts which we have utilized this semester. How many of the accounts listed...

Consider the following accounts which we have utilized this semester. How many of the accounts listed below would be considered temporary?

(i) Unearned Consulting Revenue

(ii) Depreciation Expense

(iii) Sales Returns & Allowances

(iv) Accumulated Depreciation

(v) Allowance for Doubtful Accounts

Expert Solution

Two of the given accounts are considered as temporary. They are :

(ii) Depreciation Expense

(iii) Sales Returns & Allowances

Reason :

Temporary accounts are the accounts that are closed at the end of each accounting year.

In other words, an account which is carried forward to next period will not be temporary in nature.

(i) Unearned Consulting Revenue : Carried to subsequent period as liability. Hence it is not a temporary account.

(ii) Depreciation Expense : Closed during the current period by charging to revenue. Hence it is temporary account.

(iii) Sales Returns & Allowances : Deducted from sales, but not carried to subsequent period. Hence it is temporary account.

(iv) Accumulated Depreciation: Shown as a deduction from the gross book value of concerned asset. Carried to subsequent periods until the asset is sold or disposed off. Therefore, it is not a temporary account.

(v) Allowance for doubtful accounts : Shown as a liability. Therefore, it is carried over to subsequent period. Hence, it is not a temporary account in nature.

ekkarill92 answered 1 year ago

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