Permanent accounts are those Balance sheet accounts such
as Assets, Liabilities & Owner's equity that will live forever in
the life of a business and are not 'closed' during year end. This is opposite
of temporary accounts such as revenues & expenses that are closed
out each year to arrive at net income number, and this net income is transferred
either to Retained Earnings on the Balance sheet, or paid out in the form
of dividends and closed to Cash.
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