Match the terms with the definitions.
-Accounts that accumulate information across accounting periods; all accounts reported on the balance sheet.
A)account form of balance sheet
B)accounting cycle
C)classified balance sheet
D)closing process
E)current assets
F)current liabilities
G)Income Summary
H)long-term liabilities
I)operating cycle
J)permanent accounts
K)post-closing trial balance
L)property, plant, and equipment
M)report form of balance sheet
N)temporary accounts

Question

Quizplus · Accepted Answer

Permanent accounts are those that accumulate information across accounting periods and include all accounts reported on the balance sheet. These accounts are not closed at the end of the accounting period but carry their balances into the next period.

Match the Terms with the Definitions