💡 At the end of an accounting period, income statement accounts (which include revenues, expenses, and dividends) must be closed. These accounts are considered temporary accounts because they accumulate balances for a specific period and are then reset to zero to prepare for the next accounting period B. Balance sheet accounts: Balance sheet accounts are permanent accounts and are not closed at the end of the period. Their balances carry forward to the next accounting period C. Permanent accounts: Permanent accounts (e.g., assets, liabilities, and equity) are not closed because they represent ongoing financial positions. D. Real accounts: Real accounts are another term for permanent accounts, which are not closed at the end of the period.