The distinguishing feature of a permanent account is that any balance in the account at the end of an accounting period is:
A) Transferred to the Cash account
B) Carried forward to the next accounting period
C) Transferred to a permanent stockholders' equity account
D) Transferred to a temporary account
E) None of the above
Ans: B) Carried forward to the next accounting period
Business
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An _______________________ is any claim, right, or interest held by a party who is not the legal owner of the property; a nonpossessory interest.
Fill in the blank(s) with the appropriate word(s).
Business
Which of the following philosophies maintains that a company's sole responsibility is to maximize profits for its owners?
A) utilitarian view B) righteous moralist view C) Friedman view D) cultural relativist view
Business