Permanent Accounts Are Found On

question 2

Multiple Choice

Permanent accounts are found on:

• A) only the balance sheet
• B) the income statement
• C) both the balance sheet and the income statement
• D) none of the financial statements

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Definitions:

Mortgage Pass-Through

A type of security that pools mortgage loans and passes the principal and interest payments from borrowers to investors.

Mortgage Loans

Long-term loans used to purchase real estate property, secured by the property itself.

General Obligation Bonds

Bonds issued by municipalities that are backed by the full faith and credit of the issuing government, promising to repay the debt with general revenue.

Revenue Bond

A type of municipal bond supported by the revenue from a specific project, such as a toll bridge or highway.