The Accounts Receivable Account Is a Permanent Account

question 123

True/False

The Accounts Receivable account is a permanent account.

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Definitions:

Limited Liability Companies

A business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Wyoming

A state in the western United States known for its wide-open spaces, mountains, and natural beauty, as well as being the least populous state.

Members

Individuals who are part of a group, organization, or body with specific roles, rights, or duties.

S Corporations

A type of corporation in the United States that meets specific Internal Revenue Code requirements and passes income, losses, deductions, and credits through to shareholders for federal tax purposes.