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February 25, 2026, 09:02:18 pm
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Author Topic: Temporary/Permanent accounts  (Read 1144 times)  Share 

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TrueTears

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Temporary/Permanent accounts
« on: March 11, 2010, 10:44:43 pm »
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So temporary accounts include:1. all revenue accounts. 2. All expense accounts and 3. owner's drawing accounts

So is the contra revenue account also a temporary account? (Seeing as how all asset accounts are permanent and a contra asset account is also permanent...)
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ReVeL

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Re: Temporary/Permanent accounts
« Reply #1 on: March 12, 2010, 10:47:34 am »
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Yes, I do believe it is. Anything that will affect net profit can be considered a temporary account and will be closed off to P&L at the end of each reporting period. Sales Discounts is an example of this, which appear in the Profit & Loss account.
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TrueTears

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Re: Temporary/Permanent accounts
« Reply #2 on: March 12, 2010, 11:54:36 am »
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Thanks :)
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TrueTears

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Re: Temporary/Permanent accounts
« Reply #3 on: March 12, 2010, 01:01:18 pm »
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Chapter 5 or 6 I think.
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methodsman

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Re: Temporary/Permanent accounts
« Reply #4 on: March 12, 2010, 09:45:46 pm »
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Quote from: TrueTears on March 12, 2010, 01:01:18 pm
Chapter 5 or 6 I think.
whoa! Already up to that?!
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TrueTears

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Re: Temporary/Permanent accounts
« Reply #5 on: March 12, 2010, 09:46:34 pm »
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lol yeah, that's why now i don't regret skipping mth1030 hahaha
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