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Which of the following accounts is a permanent account? Multiple Choice

a.Prepaid Insurance
b.Supplies Expense
c.Owner's Drawing
d.Fees Income

User Sub
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1 Answer

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Final answer:

The permanent account among the options provided is Fees Income.

The answer is option ⇒d.Fees Income

Step-by-step explanation:

Permanent accounts, also known as real accounts, are accounts that are not closed at the end of an accounting period and carry forward their balances to the next period. They include assets, liabilities, and equity accounts.

Prepaid Insurance, Supplies Expense, and Owner's Drawing are examples of temporary accounts, which are closed at the end of each accounting period. Prepaid Insurance and Supplies Expense are expenses accounts, while Owner's Drawing is a withdrawal account.

The answer is option ⇒d.Fees Income

User Yate
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