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

question 21

Multiple Choice

Accounts that are used to describe assets, liabilities, and equity, that are not closed aslong 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)Nominal accounts.
• B)Contra accounts.
• C)Accrued accounts.
• D)Temporary accounts.
• E)Permanent accounts.

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Definitions:

Emotional Level

The intensity or degree of feelings, emotions, or affective states that an individual experiences.

Chronic Health Problem

A health condition that persists for a long time, often for more than three months, and may not be completely curable.

Hip Pain

Discomfort or ache localized in or around the hip joint area, which can be caused by a variety of factors including arthritis, injury, or overuse.

Altered Living Arrangements

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