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Greg is a parent who wants to apply a person-centered approach to raising his son Isaac. Which of the following things should Greg do?
Real Account
Permanent accounts in accounting that are not closed at the end of the accounting period, including assets, liabilities, and equity accounts.
Nominal Account
Refers to accounts that track revenues, expenses, gains, and losses; these accounts are closed at the end of each accounting period.
Ledger Accounts
These are individual accounts in accounting that record transactions related to a company's assets, liabilities, equity, revenue, and expenses in a double-entry bookkeeping system.
Net Income
Represents the total profit of a company after all expenses, taxes, and costs have been subtracted from total revenues.
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