Asked by Shalonda Lyons on Apr 27, 2024
Verified
Normal Balance
Reflects the expected balance orientation (debit for assets and expenses, credit for liabilities, equity, and revenues) of an account in double-entry bookkeeping.
Financial Statement
A written record that conveys the business activities and financial performance of a company, typically including the balance sheet, income statement, and cash flow statement.
Permanent/Temporary
Refers to accounts on a company's balance sheet that are carried over from one accounting period to the next, with permanent indicating long-term accounts and temporary indicating accounts that are closed at the end of each period.
- Learn about the classification of accounts and their usual balances.
- Recognize on which financial documents different accounts are presented.
- Identify the differences between enduring and transient account classifications.
Verified Answer
ZK