Asked by joshy dallas on May 14, 2024
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Normal Balance
The side (debit or credit) of an account that is expected to have a higher balance, reflecting its nature in the double-entry accounting system.
Financial Statement
A written record that conveys the business activities and the financial performance of a company.
Permanent/Temporary
Refers to the classification of accounts based on their longevity; permanent accounts are not closed at the end of the accounting period, while temporary accounts are.
- Comprehend the various classifications of accounts within accounting.
- Determine the standard balance of different accounts.
- Identify which financial report details particular account balances.
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CE
Learning Objectives
- Comprehend the various classifications of accounts within accounting.
- Determine the standard balance of different accounts.
- Identify which financial report details particular account balances.