Which of the following is considered a permanent account?
A)Income Statement accounts.
B)Balance Sheet accounts.
C)All the above.
D)None of the above.

Question

Quizplus · Accepted Answer

Balance Sheet accounts, such as assets, liabilities, and equity accounts, are considered permanent accounts because their balances are carried over from one accounting period to the next. Income Statement accounts, on the other hand, are temporary accounts that are closed at the end of each accounting period. Therefore, the correct choice is B.

Which of the Following Is Considered a Permanent Account