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:

Pie Chart

A circular statistical graphic divided into slices to illustrate numerical proportion, with the arc length of each slice proportional to the quantity it represents.

Line Chart

A graphical representation of data where individual data points connected by straight lines show trends or changes over time.

Scatter Diagram

A graphical representation that uses Cartesian coordinates to display values for two variables for a set of data, showing the relationship between them.

Discrete Data

Data that can only take specific values within a given range, often representing countable items or categories.