Which of the following accounts is a permanent (real)account?
A)Fees earned.
B)Office supplies expense.
C)Interest revenue.
D)Accounts payable.
E)Salaries expense.

Question

Quizplus · Accepted Answer

Accounts payable is a permanent (real) account because it reflects debt owed to creditors by the business and it does not get closed at the end of a fiscal period. The other accounts listed are temporary (nominal) accounts that get closed at the end of each fiscal period. Fees earned and interest revenue are both revenue accounts, while office supplies expense and salaries expense are both expense accounts.

Which of the Following Accounts Is a Permanent (Real)account