A method used for income and expenses for a particular time. Once the company's financial year ends, these accounts are converted to an equity account.
Related information about temporary account:
- Temporary Account: Definition from Answers.com
Account that does not appear on the balance sheet; also called nominal account . Revenue and expense accounts, along with income distribution accounts.
- What Are Temporary Accounts in Accounting? | Chron.com
The term “temporary account” refers to items found on your income statement, such as revenues and expenses. “Permanent accounts” consist of items located ...
- What Is a Temporary Account?
Sep 21, 2012 ... A temporary account is a financial account that is used to hold funds temporarily during an accounting period, and is cleared at...
- What is temporary account? definition and meaning
Definition of temporary account: Alternative term for nominal account.
- What is a temporary account? | AccountingCoach.com Q&A
A temporary account is a general ledger account that begins each accounting year with a zero balance. At the end of the accounting year any balance in the.
- Normal Balances - Debits and Credits | AccountingCoach.com
The owner drawing account (such as Mary Smith, Drawing) is a temporary account and it is closed directly to the owner capital account (such as Mary Smith, ...
- Renaming your temporary account - YouTube Help
Nov 20, 2012 ... If your account has been associated with a temporary email address (@ gtempaccount.com), you have two options for renaming your account: ...
- What is a temporary account? - Questions & Answers ...
Jul 11, 2012 ... A temporary account is an account in which transactions are accumulated for only one accounting year, after which the account is zeroed out ...