Are balance sheet accounts permanent?
Understand the Problem
The question is asking whether balance sheet accounts are classified as permanent accounts in accounting. Permanent accounts are those that carry their balances over from one accounting period to another. This question seeks to clarify the nature of these accounts in financial reporting.
Answer
Yes, balance sheet accounts are permanent.
Yes, balance sheet accounts are permanent.
Answer for screen readers
Yes, balance sheet accounts are permanent.
More Information
Permanent accounts, or real accounts, include assets, liabilities, and equity accounts that maintain ongoing balances and carry forward from one accounting period to the next.
Sources
- Permanent vs Temporary Accounts: What's the Difference? - ebizcharge.com
- Temporary Accounts vs. Permanent Accounts | Differences & More - patriotsoftware.com
- What is a permanent account? | AccountingCoach - accountingcoach.com
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