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

LO 5.1 Which of the following accounts is considered a permanent or real account?Choose one answer from the options below.A. Interest RevenueB. Prepaid InsuranceC. Insurance ExpenseD. Supplies Expense

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

A company maintains the asset account, Cash, on its books, while the bank maintains a reciprocal account which isGroup of answer choicesalso an asset account.a liability account.a contra-asset account.an owner's equity account.

The Purchases account is:Multiple Choicea permanent account.a temporary account.a subsidiary account.a liability account.

The general cash account is considered significant in almost all auditsSelect one:a.where the beginning balance is materialb.except those of not-for-profit organizationsc.where the ending balance is materiald.even when the ending balance is immaterial