Question

non permanent accounts.​

Answer 1

Answer:

Non-Temporary accounts or Temporary accounts :-

» Temporary accounts in accounting refer to accounts you close at the end of each period. Temporary accounts are general ledger accounts. All income statement accounts are considered temporary accounts.

You must close temporary accounts to prevent mixing up balances between accounting periods. When you close a temporary account at the end of a period, you start with zero balance in the next period. And, you transfer any remaining funds to the appropriate permanent account.

Temporary accounts include revenue, expenses, and gain and loss account. If you have a sole proprietorship or partnership, you might also have a temporary withdrawal or drawing account example of temporary accounts include:

• Earned interest
• Sales discounts
• Sales returns
• Utilities
• Rent
• Other expenses