What is the difference between a temporary and permanent account? Please provide examples.
What is the difference between a temporary and permanent account?
Please provide examples.
Homework Answers
Temporary Account: -
A temporary account the account begins with a zero balance. Then at the end the year its balance will be transferred to another account and it will be removed or terminated.
Examples - Revenue Account, Expense Account, Gain and loss account..
Permanent Account :-
In permanent account the account will not be closed at the end of the year, but the balance will be carried forward to the subsequent year. It is also called as Real Account.
Examples - Asset Accounts, Liability Accounts, Owners Equity Accounts.....
Add Answer to:
What is the difference between a temporary and permanent
account?
Please provide examples.
-what is the difference between permanent and temporary accounts?
-what is the difference between permanent and temporary accounts?
Are temporary and permanent earnings the same as temporary and permanent accounts??? what are good examples
Are temporary and permanent earnings the same as temporary and permanent accounts??? what are good examples
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Why is it important to understand the difference between an originating temporary difference and permanent difference in a company as related to deferred taxes? Explain if this concept is relevant for personal finance
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What is the difference between retention and inversion in organic chemistry stereochemistry. Provide examples please
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what are the temporary and permanent differences between Taxable and Accounting Income ?
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The income summary account is a temporary account. appears on the balance sheet. is a permanent...
The income summary account is a temporary account. appears on the balance sheet. is a permanent account. appears on the income statement.
The income summary account is a temporary account. appears on the balance sheet. is a permanent account. appears on the income statement.
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