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) Summary accounts
B) Temporary accounts
C) Permanent accounts
D) Contra accounts.
E) Accrued accounts

Question

Quizplus · Accepted Answer

Permanent accounts are used to describe assets, liabilities, and equity and are not closed as long as the company continues to own the assets, owe the liabilities, or have equity. The balances of permanent accounts appear on the balance sheet.

Accounts That Are Used to Describe Assets, Liabilities, and Equity