Asset, liability and owner’s equity accounts are:Group of answer choicespermanent accountstemporary accountsshort-term accountslong-term accounts

Question

Asset, liability and owner’s equity accounts are:Group of answer choicespermanent accountstemporary accountsshort-term accountslong-term accounts
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Solution 1

Asset, liability, and owner’s equity accounts are permanent accounts.

Here's why:

  1. 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.

  2. Assets, liabili Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob

Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

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