All of the Following Accounts Are Temporary Accounts Except ________

question 49

Multiple Choice

All of the following accounts are temporary accounts except ________.

• A) Gain on Sale of Equipment
• B) Sales Revenue
• C) Dividends Payable
• D) Interest Expense

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Definitions:

Purchase Method

An accounting method used in mergers and acquisitions where the purchasing company records the assets and liabilities of the acquired company at fair market value.

Consolidated Balance Sheet

A financial statement that shows the aggregated financial position of a parent company and its subsidiaries.

Minority Interests

Shareholders' equity in a subsidiary not wholly owned by the parent company, representing minority shareholders' proportion.

Consolidation Adjustments

Adjustments made to the financial statements when combining the financial information of a parent company and its subsidiaries to prepare consolidated financial statements.