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 aslong 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) Nominal accounts.
B) Contra accounts.
C) Accrued accounts.
D) Temporary accounts.
E) Permanent accounts.