On the other hand, the balance sheet account Accumulated Depreciation is not a temporary account. Accumulated Depreciation is a contra asset account and its balance is not closed at the end of each accounting period. As a result, Accumulated Depreciation is a viewed as a permanent account.
Gain unlimited access to our bookkeeping seminar videos, bookkeeping proficiency exams (and answers), bookkeeping cheat sheet, visual tutorials, and more—all designed to help you master valuable bookkeeping skills. Learn more about AccountingCoach PRO.