What Is the Difference Between Permanent Accounts and Temporary Accounts

question 55

Essay

What is the difference between permanent accounts and temporary accounts, and why does an accounting system have both types of accounts?

---

Definitions:

Internet

A global network of computers that allows users to access and exchange information over vast distances instantly.

Psychology

The scientific study of the mind and behavior, including conscious and unconscious phenomena, as well as feelings and thoughts.

Reduce, Reuse, Recycle

A set of principles for managing waste, aimed at minimizing the environmental impact by reducing waste production, reusing items, and recycling materials.

Trash

Waste material or objects that are discarded because they are considered useless or unwanted.