Permanent account

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Permanent account (also known as real account). An account, such as Assets, Liabilities, and Owner's Capital, whose balances are carried over to the next accounting period.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Permanent account (also known as real account). An account, such as Assets, Liabilities, and Owner's Capital, whose balances are carried over to the next accounting period.

Related concepts

Related coursework