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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What is the difference between a permanent and a temporary account? Give examples of each.

To determine

Explain the difference between a permanent and a temporary account, and given examples of each.

Explanation

Account:

Account is the basic record that reports all changes in the value of particular assets, liabilities and stockholder’s equity, and it is the basic summary device of accounting.

Explain the difference between a permanent and a temporary account, and given examples of each as follows:

  • Permanent accounts are the accounts which are not closed at the end of the (current) accounting year, and these accounts balances are carried forward to the subsequent accounting year...

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