_______ are the accounts of assets,liabilities,and owners' equity,excluding accounts for revenues and expenses.
A) Liquid accounts
B) Stable accounts
C) Permanent accounts
D) Priority accounts

Question

Quizplus · Accepted Answer

Permanent accounts are those which are not closed at the end of the accounting period, unlike temporary accounts which are closed to determine the net income or loss for the period. Permanent accounts include balance sheet accounts such as assets, liabilities, and owners' equity. Therefore, choice C, Permanent accounts, is the best answer.

_______ Are the Accounts of Assets,liabilities,and Owners' Equity,excluding Accounts for Revenues