Asked by disney. dreams on Apr 27, 2024
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Normal Balance
The side (debit or credit) of an account that is expected to have a higher balance, based on the accounting equation.
Financial Statement
Reports that summarize the financial performance, position, and cash flows of a business for a specific period.
Account
An account is a record within an accounting system that is used to store financial transactions of a particular type, such as assets, liabilities, equity, revenues, and expenses.
- Understand how to categorize accounts correctly.
- Understand which financial statements different accounts appear on.
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RG
Learning Objectives
- Understand how to categorize accounts correctly.
- Understand which financial statements different accounts appear on.