Answer :
Statements below that are true regarding permanent and temporary accounts are:
Permanent accounts will appear on a post-closing trial balance.
Permanent accounts are reported on the balance sheet.
Temporary accounts are reported on the income statement.
Temporary accounts have a balance for one period only.
Retained Earning is a permanent accounts, but dividends are temporary accounts.
A temporary account is one that has no balance at the start of each fiscal year. Its ending balance is transferred to a different account at the conclusion of the fiscal year so that it can be used again to tally new transactions the following year.
Transactions that affect a company's annual profit or loss are compiled using temporary accounts. Over the course of a fiscal year, the balances in these accounts should rise; they hardly ever fall. The income statement is produced using the balances in temporary accounts.
The accounts that remain open throughout time are the ones that keep track of cumulative balances. A prime example of a perpetual account is one that is receivable. Asset, liability, equity, accounts payable, inventories, and investments are other examples of permanent accounts.
Accounts for a corporation whose balances are carried over from one accounting period to another are known as permanent accounts, sometimes known as real accounts. The accounts that are visible on a company's balance sheet and reflect the company's true value at a certain period are called permanent accounts.
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