Permanent accounts include all of the following except:
A) Accumulated Depreciation - Equipment.
B) Prepaid Rent.
C) Unearned Consulting Revenue.
D) Accounts Payable.
E) Depreciation Expense - Equipment.

Question

Quizplus · Accepted Answer

Permanent accounts are those that carry their balances over into the next accounting period. Depreciation Expense - Equipment is an income statement account, not a permanent account, and is reset to zero at the beginning of each fiscal year.

Permanent Accounts Include All of the Following Except