Answer :
Asset and liability accounts are called permanent account
These account are not closed at the end of accounting year but other
closed over permanent account balance from one year to other. The accounts that remain open throughout time are the ones that keep track of cumulative balances. A prime example of a permanent account is one that is receivable. Asset, liability, equity, accounts payable, inventories, and investments are other examples of permanent accounts. A temporary account can be seen on a company's income statement, which evaluates profit and loss over a period of time, whereas a permanent account can be found on a company's balance sheet, which gives a snapshot of what the company owns and owes at a single point in time.
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