Asked by Kayla Renay on May 10, 2024
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Normal Balance
Normal Balance is the side (debit or credit) where increases to the account are recorded, depending on the account type.
Permanent/Temporary
Describes accounts in financial reporting; permanent accounts show ongoing financial status, while temporary accounts track revenues, expenses, and dividends over a specific period.
- Learn the principles of account classification and familiarize with their normal balances.
- Determine the financial documents that represent different accounts.
- Dissect the discrepancies between ever-lasting and momentary financial accounts.
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ZK
