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Which of the following is NOT a temporary account?

Question

Which of the following is NOT a temporary account?

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Solution

Step 1: Define the Problem

Identify which account among the options provided is not considered a temporary account.

Step 2: Break Down the Problem

  1. Understand what temporary accounts are.
  2. Identify the characteristics of temporary accounts.
  3. Compare the given options to these characteristics.

Step 3: Apply Relevant Concepts

  • Temporary Accounts: These are accounts that are closed at the end of each accounting period. They include revenue, expense, and dividend accounts.
  • Permanent Accounts: These accounts are not closed at the end of the accounting period and include assets, liabilities, and equity accounts.

Step 4: Analysis, Verify and Summarize

  • Revenue Accounts: Temporary
  • Expense Accounts: Temporary
  • Dividend Accounts: Temporary
  • Asset, Liability, and Equity Accounts: Permanent

Final Answer

The account that is NOT a temporary account is a permanent account. Examples include asset, liability, and equity accounts.

This problem has been solved

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