Identify and State the Historical Significance of the Following

question 140

Short Answer

Identify and state the historical significance of the following:
-scabs

---

Definitions:

Budgeting

The process of creating a plan to spend your money, allocating the estimated income towards various categories of expenses.

Financial Statements

Summary reports that convey the financial activities and condition of a business or individual.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.

Contra Asset Account

An account that is used to reduce the balance of a related asset account to reflect its adjusted carrying value.