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Provisions indicate how much money is put into an allowance account during a given period. Provisions are therefore temporary accounts. Allowances, which indicate the cumulative amount of money set aside for things like bad debts, are asset accounts and therefore permanent accounts.
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Is inventory permanent account or temporary account?
permanent account
Is prepaid insurance a permanent or temporary account?
it is permanent
Accounts Payable is a temporary or permanent account?
permanent
Is Interest expense a permanent account?
No it is a temporary account
Is retained earnings temporary account or permanent account?
Permanant
Is inventory permanent account or temporary account?
permanent account
Is income summary a temporary or permanent account?
TEMPORARY ACCOUNT
Is prepaid insurance a permanent or temporary account?
it is permanent
Accounts Payable is a temporary or permanent account?
permanent
Is Interest expense a permanent account?
No it is a temporary account
Is retained earnings temporary account or permanent account?
Permanant
Is dividends declared account permanent or temporary account?
Dividend is a temporary account at it is closed the retained earnings account at the end of fiscal year.
Is unearned revenue a temporary account?
No it's permanent a
Is cash account temporary account?
No cash account is a permanent account. as u treated cash as a debit element in General journal against of Capital. Capital is a permanent account so cash too.
Is capital stock a permanent or temporary account?
Capital stock is considered a permanent account. Permanent accounts are ones which hold financial information for multiple accounting periods. Capital stock remains in an account until an accountant moves it to another account, which means that it is permanent.
Is accumulated depreciation a permanent or temporary account?
A/D is not temporary. Depreciation expense is the YTD depreciation booked. A/D retains its balance year over year.
Is retained earnings a permanent or temporary account?
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.
