Asked by
Emmanuel Balogun
on Nov 12, 2024Verified
Real accounts are not permanent accounts.
Real Accounts
Accounts that represent assets, liabilities, and equity, which are not closed at the end of the accounting period and carry over their balances.
Permanent Accounts
Accounts in the general ledger that are not closed at the end of an accounting year and whose balances are carried forward to the next year.
- Recognize the categorization and attributes of assorted balance sheet and income statement accounts.
Verified Answer
SH
Learning Objectives
- Recognize the categorization and attributes of assorted balance sheet and income statement accounts.