Identify the accounts below that are ALL permanent accounts.
A) Accounts Receivable,Accumulated Depreciation,Accounts Payable
B) Accounts Receivable,Depreciation Expense,Fees Income
C) Accounts Payable,Wages Expense,Income Summary
D) Accounts Payable,Owner's Capital,Income Summary

Question

Quizplus · Accepted Answer

Accounts Receivable and Accumulated Depreciation are both asset accounts that have a long-term effect on a company's financial position, they are permanent accounts. Accounts Payable can sometimes be temporary, depending on the nature of the business, but it can also be considered permanent if the company carries a consistent level of debt.

Identify the Accounts Below That Are ALL Permanent Accounts