What is Permanent accounts?

Accounts that are reflected in the balance sheet and have a balance at the end of the reporting period. NAS No. 21 divides them into four types: asset (A), liability (P), contra-asset (KA) and contra-liability (KP). In an asset account the balance and increases are recorded on the debit side and decreases on the credit side; in a liability account it is the other way round: the balance and increases on the credit side, decreases on the debit side. A contra-asset account is deducted from the balance of the asset account it is linked to and shows the net value of the asset; a contra-liability account is deducted from a liability account in the same way. The opposite of permanent accounts is transit accounts: revenue and expenses are used during the reporting period and leave no balance at the end of the period. That is why a new year starts with the balances of permanent accounts, while transit accounts start from zero.

Source: 21-son BHMS, 3-band (asosiy tushunchalar)