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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

What is a permanent account? On which financial statement are permanent

To determine

Define a permanent account, and indicate the financial statements in which the permanent accounts are reported.

Explanation

Define a permanent account and determine in which financial statements permanent accounts are reported.

Permanent account: Permanent accounts (real account) are the accounts which occurred during a particular financial year. This account will not close at the end of the same accounting year, rather their account balances are carried forward to the subsequent accounting year’s balance sheet...

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