Permanent accounts would not include: a. Inventory b. Current liabilities c. Cost of goods sold. d. Accumulated depreciation

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Business

Henry Mcguire

1 December, 13:19

Permanent accounts would not include: a. Inventory b. Current liabilities c. Cost of goods sold. d. Accumulated depreciation

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Answers (1)

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Zechariah Bowman · Answer 1

c. Cost of goods sold.

Explanation:

As we know that the temporary accounts are closed by passing the adjusting entries. The adjusting entries could be made for revenue account, expenses account, dividend account.

While the permanent account includes the assets and the liabilities that is to be reported in the balance sheet like - current liabilities, accumulated depreciation, inventory, etc