Statement of Financial Position Accounts Are Considered to Be

question 51

Multiple Choice

Statement of financial position accounts are considered to be

• A) temporary owner's equity accounts.
• B) permanent accounts.
• C) capital accounts.
• D) nominal accounts.

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Definitions:

Heavy Equipment

Large and often complex machinery used in construction, mining, and other industrial activities.

Closely Held Corporation

A business entity owned by a small number of shareholders, where shares are not publicly traded.

Articles Of Incorporation

A method of incorporating based on a US approach and used in some jurisdictions in Canada.

Memorandum

A written document that communicates information, policies, or decisions within an organization or between entities.