Which of the following accounts would NOT be considered a permanent account?
A)Accounts Receivable
B)Depreciation Expense
C)Accounts Payable
D)Office Supplies

Question

Quizplus · Accepted Answer

Permanent accounts are those that involve balance sheet elements and are not closed at the end of the accounting year. Accounts Receivable, Accounts Payable, and Office Supplies are all examples of permanent accounts. However, Depreciation Expense is a temporary account as it is closed at the end of each accounting period and its balance is transferred to the accumulated depreciation account.

Which of the Following Accounts Would NOT Be Considered a Permanent