Accounts used to accumulate income, expenses, and owner's withdrawals for one accounting period are termed?

The term that describes accounts used to accumulate income, expenses, and owner's withdrawals for one accounting period is "Temporary Owner's Equity." These accounts are referred to as temporary because they are reset to zero at the end of each accounting period, with their balances transferred to permanent accounts, such as retained earnings, during the closing process.

Temporary accounts include revenues, expenses, and dividends (or withdrawals). They are essential in capturing the financial activity for a specific period, allowing businesses to measure performance and profitability over that timeframe. At the end of the accounting period, these balances must be closed out, emphasizing their temporary nature.

In contrast, the other terms represent different accounting concepts. Permanent Equity refers to accounts that maintain their balances over multiple accounting periods, such as common stock and retained earnings. Long-term Liabilities are obligations that are due in more than one year, and Current Assets are assets expected to be converted to cash or used up within one year. Understanding the distinction between these categories is crucial for accurate financial reporting and analysis.