For Each of the Following, Identify in Column 1 the Category

question 64

Essay

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement(s) on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
- $$\begin{array} { | l | l | l | l | l | } \hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\\hline \text { Raw materials } & & & & \\\text { inventory } & & & & \\\hline\end{array}$$

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Definitions:

Economics

the social science that studies how goods and services are produced, distributed, and consumed.

Wealth Distribution

Wealth distribution describes how wealth is spread across different individuals or groups within a society, often highlighting disparities between rich and poor.

Business Cycle-sensitive

Describing organizations or industries that exhibit fluctuations in performance or demand in response to changes in the economic cycle.

Good Business

A business approach that goes beyond profit-making to include ethical practices, social responsibility, and positive community impact.