Service Revenue Is a Permanent Account

question 51

True/False

Service revenue is a permanent account.

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Definitions:

Income

Income generated regularly from employment or investment returns.

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities, representing the owner's claim on the business.

Statement of Cash Flows

A financial report detailing the cash inflows and outflows for a business over a specific period.

Reports Center

A centralized location within software applications where users can generate, view, and manage a variety of financial and operational reports.