Asked by Ronald Blair on Apr 29, 2024
Verified
Normal Balance
The side of an account (debit or credit) on which increases to the account are recorded.
Financial Statement
A record that outlines the performance, financial position, and cash flows of a company, offering insight into its financial health.
Permanent/Temporary
Refers to classifications of accounts where permanent accounts (assets, liabilities, and equity) are carried over across accounting periods, and temporary accounts (revenues, expenses, and dividends) are reset to zero through the closing process.
- Comprehend the categorization of accounts along with their standard balances.
- Determine which financial statements report various accounts.
- Differentiate between long-term and short-term accounts.
Verified Answer
SB