An example of a permanent account is the:
A)utilities expense account
B)unearned revenue account
C)service revenue account
D)depreciation expense account

Question

Quizplus · Accepted Answer

A permanent account is a general ledger account that maintains information related to a company's long-term financial status, such as assets, liabilities, and equity. Unearned revenue is a liability account that represents payments received for goods or services that have not yet been delivered. It is a permanent account because it reflects the long-term financial status of the company. The other accounts listed are all temporary accounts that are closed at the end of each accounting period.

An Example of a Permanent Account Is The