Accounts That Are Used to Describe Assets, Liabilities, and Equity

question 124

Multiple Choice

Accounts that are used to describe assets, liabilities, and equity, that are not closed as long as the company continues to own the assets, owe the liabilities, or have equity, and whose balances appear on the balance sheet are called

• A) Summary accounts
• B) Temporary accounts
• C) Permanent accounts
• D) Contra accounts.
• E) Accrued accounts

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Definitions:

Americans with Disabilities Act

A civil rights law that prohibits discrimination against individuals with disabilities in all areas of public life, including jobs, schools, transportation, and all public and private places open to the general public.

Mental Impairment

A condition that affects a person’s cognitive functions, potentially impacting their ability to make decisions or understand information.

Major Life Activities

Fundamental activities that the average person can perform with little or no difficulty, often used in legal contexts regarding disabilities.

ADEA

The Age Discrimination in Employment Act, which aims to protect individuals who are 40 years of age or older from employment discrimination based on age.