Asked by Pallavi Kumar on Jun 21, 2024

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Permanent accounts carry their balances into the next accounting period.

Permanent Accounts

Permanent accounts are those ledger accounts whose balances are carried over from one accounting period to the next, including assets, liabilities, and equity accounts.

  • Comprehend the distinctions between temporary and permanent accounts and their functions within the accounting cycle.
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PC
Prince ChikoJun 27, 2024
Final Answer :
True
Explanation :
This is true. Permanent accounts, also known as real accounts, include assets, liabilities, and equity accounts. The balances in these accounts are carried forward into the next accounting period, unlike temporary accounts that are closed at the end of each accounting period.