Which of the Following Accounts Are Considered Permanent Accounts

question 207

Multiple Choice

Which of the following accounts are considered permanent accounts?

• A)Inventory and Cost of Goods Sold
• B)Land and Accounts Receivable
• C)Accounts Payable and Service Revenue
• D)Common Stock and Salary Expense

Understand the purpose and frequency of budget reports preparation.

Comprehend the concept of master budget and its application in budgetary control.

Differentiate between static and flexible budgets and their uses in managing costs.

Identify the role of flexible budgets in performance evaluation and control.

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Definitions:

Directors

Individuals elected by shareholders to oversee the management and make strategic decisions for a corporation.

Model Business Corporation Act (MBCA)

A set of model laws prepared by the American Bar Association to provide a standard for the incorporation and operation of corporations in the United States.

Joint Ventures

Business agreements between two or more entities to undertake a specific project or business activity together.

Retains

From a legal perspective, it refers to keeping possession or continuing to have an attribute, quality, or condition.