What Are Income Statement Accounts
I ncome Statement Accounts are closed at t he e nd of t he accou nting period unlike Balance Sheet Accounts . I ncome statement accounts are temporary accounts havi ng no b ala nces at t he e nd of t he accou nting period. I ncome Statement Lists / Examples include all revenues and expenses suc h as Sales, Fees Earned, Cost of Goods Sold (Cost of Sales), Purchases, Re nt Expenses, Wages Expenses, Salaries Expenses, Advertising Expenses, Fees Paid Depreciation Expenses, Utilities Exp., etc. Income Statement accounts are also called nominal or temporary accounts as t hese are closed at the e nd of t he accou nting period and not transferred to b ala nce s heet as these accou nts does not have ledger’s b ala nces.