Which of the Following Accounts Are Considered Permanent Accounts

question 179

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 Revenue
• D) Common Stock and Salary Expense

---

Definitions:

Taxes Expense

The total amount of taxes owed by an individual or corporation to the government within a fiscal period.

Adjusted Entry

An accounting record made to amend the effects of previously recorded transactions to accurately reflect financial realities.

Taxes Expense

The total amount of taxes owed by a business to federal, state, and/or local governments as determined by applicable tax rates on business income.

Next Period

Refers to the upcoming or following time frame in financial and operational planning, often contextually determined.