Permanent accounts refer to assets, liabilities and owner's equity as they are used for the life of the business.

Name: Permanent accounts refer to assets, liabilities and owner's equity as they are used for the life of the business.
Brand: Quizplus
Rating: 4.9 (36 reviews)

Question

Quizplus · Accepted Answer

Permanent accounts are those accounts that carry their ending balances over to the next accounting period. They include assets, liabilities, and owner's equity accounts, reflecting the ongoing financial position of the business.

Permanent Accounts Refer to Assets, Liabilities and Owner's Equity as They