Please Define the Following Key Terms

question 17

Short Answer

Please define the following key terms.
-domino theory

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Definitions:

Permanent Account

An account in the general ledger that is not closed at the end of the accounting year, including accounts like asset, liability, and equity accounts.

Nominal Account

A temporary account that records transactions related to expenses, revenues, gains, and losses during an accounting period.

Zero Account

A banking or accounting term referring to an account that has a balance of zero, meaning it has no funds.

Depreciation Expense

An accounting method to allocate the cost of a tangible asset over its useful life.