Asked by Jessie Schneider on Jun 05, 2024
Verified
Normal Balance
The side (debit or credit) of an account that is increased, indicating the typical balance of that account in accordance with the double-entry bookkeeping system.
Financial Statement
Summarized reports that convey the financial status, performance, and cash flows of a business or individual over a specific period.
Permanent/Temporary
Categories that describe the expected tenure or duration of a job, position, or assignment, denoting whether it is expected to last indefinitely (permanent) or for a limited time period (temporary).
- Master the classification of accounts including their standard balances.
- Identify the financial reports detailing various accounts.
- Ascertain the differentiation between persistent and impermanent accounts.
Verified Answer
CH
