Which of the following is a (are)permanent account(s)?
A)The Retained Earnings account
B)All income statement accounts
C)The Dividend account
D)All balance sheet accounts and the Dividends account

Question

Quizplus · Accepted Answer

The balance sheet accounts are permanent accounts;they contain information carried forward from one accounting period to the next (that is,the ending account balance of one period becomes the beginning account balance of the next period).Temporary accounts are used to collect retained earnings data applicable to only the current accounting period (that is,revenue,expenses,and distributions).The Dividend account is a temporary account;it collects distributions during the current account period only.

Which of the Following Is a (Are)permanent Account(s)