Permanent Accounts Would Not Include

question 107

Multiple Choice

Permanent accounts would not include:

• A)Accounts Payable.
• B)Office Supplies.
• C)Utilities Expense.
• D)Common Stock.

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Definitions:

Capital Loss

The result of selling an investment or asset for less than its original purchase price.

Tax Expense

The total amount of tax an individual or corporation owes to the government, displayed on financial statements.

Appreciated Property

An asset that has increased in value over time from its original purchase price.

Nonliquidating Distribution

A nonliquidating distribution refers to distributions made by a corporation to its shareholders that are not in complete termination of the shareholder’s interest in the corporation.