Examlex
During the late Miocene, which of the following occurred in Africa?
Permanent/Temporary
Classification of accounts; permanent accounts are balance sheet accounts that carry their ending balances into the next accounting period, while temporary accounts are closed and zeroed out at the end of each period.
Normal Balance
The side (debit or credit) on which increases are recorded in an account, based on the type of account.
Financial Statement
Reports that present the financial performance, position, and cash flows of a business for a specified period.
Permanent/Temporary
Terms used to distinguish between accounts or items that either persist over multiple accounting periods (permanent) or exist for only one period (temporary).
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