Which of the Following Is True Concerning Temporary and Permanent

question 148

Multiple Choice

Which of the following is true concerning temporary and permanent accounts?

• A)Cash is a temporary account.
• B)Permanent accounts represent activity over the entire life of the company.
• C)Permanent accounts must be closed at the end of every reporting period.
• D)Temporary accounts represent activity over the previous three years.

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Definitions:

Conscious Control

The deliberate use of one's awareness and intentions to guide actions or thoughts, often in self-regulation or decision making.

Employee Performance

The level of effectiveness and efficiency with which an employee carries out their assigned tasks and responsibilities.

External Events

Occurrences outside an organization that can impact its operations, strategies, and success, often unpredictably.

Basic Beliefs

Foundational principles or convictions that are accepted as true by an individual or group, shaping attitudes and behavior.