Permanent accounts would not include:
A) Cost of goods sold.
B) Inventory.
C) Current liabilities.
D) Accumulated depreciation.

Question

Quizplus · Accepted Answer

Permanent accounts are those that carry their balances over into the next accounting period. Cost of goods sold is an income statement account, not a permanent account, as it is closed to Retained Earnings at the end of each accounting period. Inventory, current liabilities, and accumulated depreciation are all examples of permanent accounts because their balances are carried forward into future accounting periods.

Permanent Accounts Would Not Include