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Financial Statement(s)
Formal records of the financial activities and position of a business, person, or other entity, presented in a structured manner.
Normal Balance
The side of an account (debit or credit) where increases in the account are recorded.
Financial Statement(s)
Documents that provide an overview of a business's financial condition, including balance sheet, income statement, and cash flow statement.
Permanent/Temporary
Categories of accounts in accounting, where permanent accounts have balances that are carried over into future periods, while temporary accounts are closed at the end of each accounting period.
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