Asked by Kenny Wayne on Apr 27, 2024
Verified
Normal Balance
The expected debit or credit balance of an account, indicating its typical financial activity and position in the accounting equation; a different phrasing from the first definition.
Permanent/Temporary
Permanent/temporary classification refers to the duration for which assets, liabilities, or policies are intended to last, with permanent being indefinite and temporary for a limited period.
- Perceive the structure of account categorization and their standard balance norms.
- Map out the financial statements where various accounts are documented.
- Interpret the distinction between indelible and evanescent accounts.
Verified Answer
AC
