Word forms: (regular plural) temporary accounts
(Accounting: Financial statements, Income statement) A temporary account is an account which is closed out at the end of the year. ▶ account1, account2
⇒ The temporary account balances must be reduced to zero at the end of each fiscal period. ⇒ Most businesses close the revenues and expenses to another temporary account used solely in the closing process. ⇒ A temporary account is an account which is closed out at the end of the year.
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