Permanent and Temporary AccountsIdentify whether each account type is permanent or temporary:Assets Select]Liabilities ( Select)Owner's Capital ( Select )Owner's Drawings ( Select )Revenue [Select ]Expenses[ Select )

Solution: Permanent accounts are those which are present on balance sheet and temporary accounts are…

Answered: dentify whether each account type is…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 2EA: For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and...

See similar textbooks

Similar questions

An account that has unearned in its name is classified as what type of account? a. Asset b. Liability c. Revenue d. Owners equity e. Expense
Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Common Stock B. Dividends C. Dividends Payable D. Equipment E. Income Tax Expense F. Income Tax Payable G. Service Revenue H. Unearned Service Revenue I. Net Income
Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Accumulated Depreciation B. Buildings C. Depreciation Expense D. Equipment E. Fees Earned Revenue F. Insurance Expense G. Prepaid Insurance H. Supplies Expense I. Dividends
What is a permanent account? On which financial statement are permanent
FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.
Expenses paid and recorded as assets before they are used are called Select one: a. interim expenses. b. accrued expenses. c.unearned expenses d.prepaid expenses.
The Income Summary account appears on the statement of financial position. O appears on the income statement. O is a temporary account. O is a permanent account.
select the item that best completes each of the decriptions below A(n)____ is a record of increases and decreases in a spefic asset, liability, equity, revenues, or expenses items. A(n)____ is a resource owned or controlled by a company A common stock and dividendes are examples of___ accounts A(n)____ is a obilgations to transfer assets to others ___ are people and organziations that are entitlied to recieve payments from a company
The following may be presented as current assets, except *A. Advances to shareholders, directors, officers or employees b. Subscriptions receivablec. Prepaid advertising expensed. Consigned inventories
Which of the following are all temporary accounts? a.Liabilities and assets b.Liabilities, revenue, and expenses c.Assets, liabilities, and owner's Drawing d.Revenue, expenses, and the Owner's Drawing e.Revenue, liabilities, and the owner's Drawing
Which of the following is a temporary account? Depreciation Expense Retained Earnings Accounts Payable Accumulated Depreciation
Which of the accounts listed below would be classified as asset accounts? Group of answer choices Accounts Receivable, Transportation Equipment, Prepaid expenses Service Revenue, Rent Expense, Dividends Accounts Payable, Service Revenue, Notes Payable Land, Capital Stock, Retained Earnings

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

SEE MORE TEXTBOOKS

dentify whether each account type is permanent or temporary: Assets I Select] Liabilities ISelect] Owner's Capital I Select Owner's Drawings ( Select) Revenue (Select]