An account that is NOT closed at the end of the period is called a(n)________.
A) expense account
B) temporary account
C) permanent account
D) revenue account

Question

Quizplus · Accepted Answer

A permanent account is not closed at the end of the period, unlike temporary accounts that are closed to transfer their balances to a permanent account. Examples of permanent accounts include asset, liability, and equity accounts. Therefore, choice C (permanent account) is the best answer.

An Account That Is NOT Closed at the End of the Period