Accounts That Are Used to Describe Assets, Liabilities, and Equity

Multiple Choice

Accounts that are used to describe assets, liabilities, and equity, that are not closed as long as the company continues to own the assets, owe the liabilities, or have equity, and whose balances appear on the balance sheet are called

A) Summary accounts
B) Temporary accounts
C) Permanent accounts
D) Contra accounts.
E) Accrued accounts