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Permanant
children start to lose their primary teeth around 6yrs of age and the process is finished at around 12yr or 13yr of age.
Dividend is a temporary account at it is closed the retained earnings account at the end of fiscal year.
Retained
Retained earnings is a temporary account which needs to be closed in owner’s equity account at the time of liquidation of company as it is part of owner’s equity and ultimately closed to owner’s equity account.
Funds, other than paid-up capital and retained earnings, employed in a business and which will remain in a business as permanent capital is called as quasi- capital.
The IRS and other agencies start to consider a temp employee permanent, and eligible for all benefits, after about 12 months.
Yes
retained earnings an asset?
Salaries expense is not a permanent account because it will ultimately be closed to retained earning account at the end of fiscal year and from new year salaries expense account start with nill balance.
Yes, since this account (Retained Earnings) is a credit account and an uppropriate retained earnings account is simply a non-restricted account which is Retained Earnings !!! Even the restricted/ appropriate retained earnings are credited.
Retained profits are profits of that particular financial year (After taken into account of dividends payouts, transfer to reserves and etc) without adding profits from the previous year. When Retained profit of the current year is transferred to the balance sheet after adding previous year profits, it is called retained earnings.(Retained profit + Retained earnings b/d = Retained earnings c/d).