Assets, Liabilities and Retained Earnings are permanent accounts that are NOT closed at the end of the accounting period.

Question

Quizplus · Accepted Answer

assets, liabilities and retained earnings are permanent accounts and are carried forward to the next accounting period without being closed at the end of the period. Only temporary accounts, such as revenues, expenses, and dividends, are closed at the end of the accounting period.

Assets, Liabilities and Retained Earnings Are Permanent Accounts That Are