Examlex
Which of the following is a major marketing decision for most companies?
Permanent/Temporary
Describes accounts that are either not closed at the end of the accounting period (permanent) or are closed and reset (temporary).
Normal Balance
The side (debit or credit) of an account that is increased. For assets and expenses, it is the debit side; for liabilities, equity, and revenues, it is the credit side.
Financial Statement
A financial statement is a formal record of the financial activities and position of a business, person, or other entity, detailing earnings, expenditures, assets, liabilities, and equity at a specific point in time.
Permanent/Temporary
Classification of accounts where permanent accounts represent balance sheet items carried over multiple periods, and temporary accounts are income statement items closed at the end of each period.
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