alleryStart learning →Asset, liability and equity accounts are known as
ATemporary accounts
BRevenue accounts
CPermanent accounts
DClosing accounts
Answer & Solution
Correct answer: C. Permanent accounts
Their balances carry forward through the life of the business, so they are permanent or real accounts.
Keep practising Trial Balance
Browse all Trial Balance questions for CA Foundation, or explore more Accounting topics.
Related questions
Which entries decrease an account on the right side of the equation, such as a liability?Which of these is a non-current asset?Which is a long-term liability?Claims of the owners on the assets of the business are shown inDebts or future obligations owed to others are recorded inDebtors, cash and stock are examples ofThe general ledger holds a ledger account for each item in theA suspense account is used to