The drawing account is a permanent account.

The series of accounting activities included in recording financial information for a fiscal period is called an accounting cycle.

To close a temporary account, an amount equal to its balance is recorded in the account on the side opposite to its balance.

A post-closing trial balance verifies the equality of debits and credits in a general ledger after the closing entries are posted.

Journal entries used to prepare temporary accounts for a new fiscal period are closing entries.

The ending account balances of permanent accounts for one fiscal period are the beginning account balances for the next fiscal period.

The Income Summary account has a normal debit balance.

Temporary accounts include assets, expenses, and the owner’s drawing account.

Temporary Accounts are also called nominal accounts.