Which of the following is a permanent account?

Capital

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Liability

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Asset

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All the above

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Solution

The correct option is D
All the above

All the above are permanent accounts

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Similar questions

Q. Which of the following, equations properly represents a derivation of the fundamental accounting equation?
(a) Assets + Liabilities = Owner Equity
(b) Asset = Owner Equity
(c) Cash = Assets
(d) Assets - Liabilities = Owner Equity

Q. Give one example of each of the following transactions:
(i) Increase in an asset and a liability.
(ii) Decrease in an asset and a liability.
(iii) Increase in assets and capital.
(iv) Decrease in assets and capital.

Classify the above mentioned accounts (in Question 1.IA) into Asset, Liability, Capital, Revenue and Expenses.

Give an example for each of the following types of transaction.
(i) Increase in one asset, decrease in another asset.
(ii) Increase in asset, increase in liability.
(iii) Increase in asset, increase in owner's capital.
(iv) Decrease in asset, decrease in liability.
(v) Decrease in asset, decrease in owner's capital.
(vi) Decrease in liabilities, increase in owner's capital.
(vii) Increase in one liability, decrease in another liability.
(viii) Increase in liabilities, decrease in owner's capital.

Q. __________ is a summary of all assets and liabilities on a particular date.

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Which of the following is a permanent account?

The correct option is D All the above All the above are permanent accounts

The correct option is D
All the above

All the above are permanent accounts