Asked by Durgesh Kumar on Jun 05, 2024
Verified
Normal Balance
The side of the account (debit or credit) on which increases to the account are recorded, based on the account type.
Financial Statement
Official documents detailing the monetary transactions and financial status of a company, person, or any distinct unit.
Permanent/Temporary
Describes items or accounts within financial accounting that either persist over time (permanent) or are expected to be concluded within a certain period (temporary).
- Understand the classification of accounts including their normal balances.
- Identify the financial statements on which different accounts are reported.
- Distinguish between permanent and temporary accounts.
Verified Answer
CT