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:

Optimal Efficiency

A condition where resources are allocated in the most efficient manner, maximizing output without wasting resources.

Operating

Pertains to the day-to-day running or functioning of businesses, systems, or machines.

Output

The quantity of goods or services produced in a given period by a firm, industry, or country.

Monopolies

Market situations where a single supplier dominates the supply of a particular good or service, limiting competition and potentially leading to higher prices and reduced innovation.