Assets, Liabilities, and Owner's Equity are permanent accountsSelect one:TrueFalse

Asset, liability and owner’s equity accounts are:Group of answer choicespermanent accountstemporary accountsshort-term accountslong-term accounts

Assets, liabilities, and owners' equity are the major accounts listed on ______.

A cash account is referred to as a permanent account because it is:Group of answer choicesan asset with a physical presencean asset or liability permanently held in the account at the bankan asset around for the life of the businessan asset flowing into the statement of owner’s equity

Which of the following are permanent accounts? (check all that apply)1 pointRetained Earnings Unearned Revenue Revenue Cost of Goods Sold Common Stock

Equity is the residual interest in the entity’s assets after deducting its liabilitiesGroup of answer choicesTrueFalse