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QS4-2 Complete the following descriptions related to temporary and permanent accounts.

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Complete the following descriptions related to temporary and permanent accounts.

1. Temporary accounts accumulate data related to accounting period.

2. Permanent accounts report on activities related to future accounting periods, and they carry
their ending balances into the next period.

3. accounts include all income statement accounts, the withdrawals account, and the Income
Summary account.

4. accounts generally consist of all balance sheet accounts, and these accounts are not closed.

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