Select all that apply "Which statements below are true regarding permanent and temporary accounts? (Check all that apply.) Retained Earnings is a permanent account, but Dividends is a temporary account. Temporary accounts will appear on a post-closing trial balance. Permanent accounts are reported on the balance sheet. Temporary accounts are reported on the income statement. Permanent accounts will appear on a post-closing trial balance. Temporary accounts have a balance for one period only.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Which statements below are true regarding permanent and temporary accounts? (Check all that apply.)
Retained Earnings is a permanent account, but Dividends is a temporary account.
Temporary accounts will appear on a post-closing trial balance.
Permanent accounts are reported on the balance sheet.
Temporary accounts are reported on the income statement.
Permanent accounts will appear on a post-closing trial balance.
Temporary accounts have a balance for one period only.
Transcribed Image Text:Select all that apply Which statements below are true regarding permanent and temporary accounts? (Check all that apply.) Retained Earnings is a permanent account, but Dividends is a temporary account. Temporary accounts will appear on a post-closing trial balance. Permanent accounts are reported on the balance sheet. Temporary accounts are reported on the income statement. Permanent accounts will appear on a post-closing trial balance. Temporary accounts have a balance for one period only.
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