Balance Sheet Accounts Are Called__________ Accounts Because They Carry Their

question 125

Short Answer

Balance sheet accounts are called__________ accounts because they carry their balances to the next accounting period, and are not closed as long as the company continues to own the asset, owe the liability and have equity.

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Definitions:

Variance Report

A document that compares actual financial performance with budgeted or planned performance, highlighting differences or 'variances' for analysis and action.

Flash Reports

Brief interim financial reports, often produced shortly after an accounting period closes, providing an early estimate of financial performance.

Financial Information

Data pertaining to the financial performance, position, and changes in financial position of an enterprise.

Performance Criteria

Standards or benchmarks used to measure and evaluate the efficiency, output, or performance of an organization or individual.