Examlex
Which of the following abbreviations is NOT matched with the correct meaning?
Reversing Entry
An accounting entry made at the beginning of a period to reverse the effects of certain adjustments made in the previous period.
Salary Expense
The cost incurred by a business to pay its employees.
Financial Statement
An organized log of economic actions and the financial situation of a firm, an individual, or any other unit.
Permanent/Temporary
Pertaining to accounts in accounting where permanent accounts are balance sheet accounts that carry over balances into the next financial period, and temporary accounts are reset or closed to equity through retained earnings at the end of a period.
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