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

Question

Quizplus · Accepted Answer

Balance Sheet accounts are considered permanent accounts because they reflect a company's financial position at a specific point in time and are carried forward from year to year. Income Statement accounts, on the other hand, are temporary accounts that only show a company's financial performance for a specific reporting period.

Which of the Following Is Considered a Permanent Account