Which of the following terms is used to refer to balance sheet accounts?
A)Permanent accounts
B)Temporary accounts
C)Contra accounts
D)Tangible accounts

Question

Quizplus · Accepted Answer

Permanent accounts are balance sheet accounts that are not closed at the end of the accounting period. They represent the long-term financial position of a business, such as assets, liabilities, and equity. Temporary accounts, on the other hand, are income statement accounts that are closed at the end of the period, such as revenue and expenses. Contra accounts are a type of account that offsets the balance of another account, such as accumulated depreciation. Tangible accounts are not a commonly used accounting term.

Which of the Following Terms Is Used to Refer to Balance