Accounts that are used to describe assets,liabilities,and equity,that are not closed as long as the company continues to own the assets,owe the liabilities,or have equity,and whose balances appear on the balance sheet are called:
A) Nominal accounts.
B) Temporary accounts.
C) Permanent accounts.
D) Contra accounts.
E) Accrued accounts.

Question

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Permanent accounts are those that refer to assets, liabilities, and equity, and their balances are not closed at the end of a period. These accounts continue to appear on the balance sheet until the company owns the assets, owes liabilities, or has equity. Nominal accounts (A) and temporary accounts (B) are the same and refer to revenue, expense, and dividend accounts, whose balances are closed at the end of the period. Contra accounts (D) are accounts with balances opposite to the normal balance of the account and are used to offset the balance of another account. Accrued accounts (E) refer to revenues or expenses that have been earned/incurred but have not been recorded yet.

Accounts That Are Used to Describe Assets,liabilities,and Equity,that Are Not