Asset, liability and owner’s equity accounts are:Group of answer choicespermanent accountstemporary accountsshort-term accountslong-term accounts
Question
Solution 1
Asset, liability, and owner’s equity accounts are permanent accounts.
Here's why:
Permanent accounts, also known as real accounts, are the accounts that don’t close at the end of the accounting period. Instead, their balances are carried over to the next accounting period.
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