Asked by macie hutchinson on Apr 28, 2024
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Financial Statement
An authorized ledger recording the economic occurrences and financial wellbeing of a company, person, or any distinct entity.
Normal Balance
A reiteration with different wording: The typical side (debit or credit) an account is expected to have, based on standard accounting rules.
Account Category
A classification used in accounting to organize financial transactions, such as assets, liabilities, equity, revenue, and expenses.
- Distinguish and organize accounts into assets, liabilities, or equity categories and understand their standard balances.
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Learning Objectives
- Distinguish and organize accounts into assets, liabilities, or equity categories and understand their standard balances.
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