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A temporary account is that begins each accounting year (operating cycle) with a zero balance. At the end of the accounting year (operating cycle) any balance in the account will be transferred to another account (permanent or real account). This is referred to as closing the account.
Temporary accounts include all of the income statement accounts: revenues, expenses, gains, losses, And Other accounts such as dividends, drawing account.
temporary accounts must be close before period end. Its just a checking account wheather our balances are match with payment, receipts and others.
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All revenue , expense, gain, loss, and dividends declared accounts are known as temporary accounts.These accounts are used to track only the current year's results.
At the end of the accounting period , after all transactions and adjustments are recorded , closing journal entries are recorded to:
1) Transfer the net income (or loss) and dividends to Retained Earnings( permanent account) .
2) Reset the temporary accounts to zero balance to start next year's results.
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