multiple select question\nselect all that apply\nwhich statements below are true regarding permanent and…

multiple select question\nselect all that apply\nwhich statements below are true regarding permanent and temporary accounts? (check all that apply.)\n□ temporary accounts have a balance for one period only.\n□ temporary accounts will appear on a post - closing trial balance.\n□ permanent accounts will appear on a post - closing trial balance.\n□ permanent accounts are reported on the balance sheet.\n□ owner, capital is a permanent account, but owner, withdrawals is a temporary account.\n□ most temporary accounts are reported on the income statement.

multiple select question\nselect all that apply\nwhich statements below are true regarding permanent and temporary accounts? (check all that apply.)\n□ temporary accounts have a balance for one period only.\n□ temporary accounts will appear on a post - closing trial balance.\n□ permanent accounts will appear on a post - closing trial balance.\n□ permanent accounts are reported on the balance sheet.\n□ owner, capital is a permanent account, but owner, withdrawals is a temporary account.\n□ most temporary accounts are reported on the income statement.

Answer

Brief Explanations:

  • Temporary accounts, like revenues and expenses, have balances for a single accounting - period and are closed at the end of that period. They are mostly reported on the income statement and do not appear on a post - closing trial balance.
  • Permanent accounts, such as assets, liabilities, and owner's capital (excluding withdrawals), carry their balances from one period to the next, are reported on the balance sheet, and appear on a post - closing trial balance. Owner's withdrawals is a temporary account that reduces owner's equity for a specific period.

Answer:

  • Temporary accounts have a balance for one period only.
  • Permanent accounts will appear on a post - closing trial balance.
  • Permanent accounts are reported on the balance sheet.
  • Owner, Capital is a permanent account, but Owner, Withdrawals is a temporary account.
  • Most temporary accounts are reported on the income statement.