Permanent Accounts Would Not Include

question 30

Multiple Choice

Permanent accounts would not include:

• A)Interest Expense.
• B)Salaries Payable.
• C)Prepaid Rent.
• D)Unearned Revenues.

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Definitions:

Sole Proprietor

The single owner of an unincorporated business, personally responsible for all debts and obligations of the business.

Good Will

The favorable reputation of a business that adds to its value, often considered an intangible asset.

Partnership

A lawful business arrangement involving two or more people who divide management responsibilities and profits.

Business Profits

The earnings of a business after subtracting all expenses from its total revenues, indicating the financial success of the business.