Asked by Mathew Libuda on Jun 14, 2024
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Normal Balance
The side of an account (debit or credit) that is expected to increase; for assets and expenses, it’s debit; for liabilities, equity, and revenue, it's credit.
Financial Statement
A financial statement is a formal record of the financial activities and position of a business, person, or other entity.
Permanent/Temporary
Categories representing either enduring, long-term attributes or conditions, or those that are short-lived and transient.
- Develop proficiency in distinguishing the nature of accounts and their standard balance orientations.
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ET