Statement of financial position accounts are considered to be
A) temporary owner's equity accounts.
B) permanent accounts.
C) capital accounts.
D) nominal accounts.

Question

Quizplus · Accepted Answer

Statement of financial position accounts, also known as balance sheet accounts, are permanent accounts because their balances carry over from one accounting period to another. These accounts include assets, liabilities, and owner's equity accounts.

Statement of Financial Position Accounts Are Considered to Be