Balance Sheet Accounts Are Also Known as Which of the Following

question 132

Multiple Choice

Balance sheet accounts are also known as which of the following?

• A)nominal accounts
• B)permanent accounts
• C)temporary accounts
• D)closing accounts

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Definitions:

Simple Interest

A method to calculate the interest charged on a loan, based on the original principal amount, the rate of interest per period, and the number of time periods.

Discounted

Refers to the process of determining the present value of a future amount of money or stream of payments, considering a specific interest rate.

Registered Retirement Savings Plan

A government-approved program in Canada that enables residents to save for retirement on a tax-deferred basis.

Fixed Monthly Payments

Regular, unchanging payments made each month for a period of time, often used in loans and lease agreements.