Asked by Hudson Nyaki on May 29, 2024
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Normal Balance
The expected debit or credit balance a particular account should hold under double-entry bookkeeping.
Financial Statement
A written record that conveys the business activities and financial performance of a company, including balance sheets and income statements.
Permanent/Temporary
Classification of accounts where permanent accounts refer to items on the balance sheet and temporary accounts to items that pertain to the income statement.
- Attain knowledge on the arrangement of accounts including their expected balances.
- Learn which financial reports contain different accounts.
- Decipher the differences between perpetual and interim account statuses.
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ZK