Normal Balance

The typical side (debit or credit) on which an account increases, depending on its type (asset, liability, equity, revenue, or expense).

Financial Statement

Reports that provide detailed information about a company's financial performance and position, including income statements, balance sheets, and statements of cash flows.

Permanent/Temporary

Categories used to describe the durability of various accounts within accounting; permanent accounts track financial data across multiple periods, while temporary accounts are closed at the end of each period.