Monthly Archives: Listopad 2022

Temporary accounts can be found on the income statement, while permanent accounts are located on the balance sheet. If the net balance of the income summary is a credit balance, it means the company has made a profit for that year, or if the net balance is a debit balance, it means the company has made a loss for that is income summary a temporary account year. It summarizes income and expenses arising from operating and non-operating activities. The company can