Choose from the following list of terms/phrases to best complete the statements below. a. Temporary c. One or more e. Zero balances b. Permanent d. One f. Income Summary 1. accounts generally consist of all balance sheet accounts, and these accounts are not closed. 2. Permanent accounts report on activities related to future accounting periods, and they carry their ending balances into the next period. 3. Temporary accounts accumulate data related to accounting period. 4. accounts include all income statement accounts, the withdrawals account, and the Income Summary account.

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.