Which of the Following Accounts Is Not Considered a "Permanent

question 98

Multiple Choice

Which of the following accounts is not considered a "permanent" account?

• A) Inventory
• B) Rent Expense
• C) Accounts Payable
• D) Common Shares

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Definitions:

Trustee

A person or firm that holds and administers property or assets for the benefit of a third party.

Assets

Resources owned by a company or individual with economic value.

Bankruptcy Law

The area of law dealing with situations where individuals or entities cannot repay their debts and seek relief through legal proceedings.

Bankruptcy Abuse Prevention and Consumer Protection Act

A U.S. law enacted in 2005 aimed at curtailing bankruptcy filings considered abusive and providing better consumer protections.