What are temporary accounts that are reset for a new fiscal period called?

Temporary accounts are those that are used to accumulate information for a specific period, typically one fiscal year. At the end of that period, their balances are reset to zero to prepare for the new fiscal period. This resetting process is essential for accurately reflecting the financial performance of a business over different periods.

The term "closing accounts" accurately describes this process, as it refers to the accounts that are closed at the end of the accounting period. These accounts typically include revenue, expense, and dividend accounts, all of which are closed to retained earnings on the balance sheet. This practice ensures that a fresh start is given for the next accounting period, allowing for clearer financial reporting and analysis.

The other options do not correctly define temporary accounts that are reset. Permanent accounts carry their balances into the next period, while "temporary accounts" is a broader category that includes accounts meant to be closed but does not specifically indicate the process. "Income accounts," though related to revenue, do not solely describe the nature of the closing process.