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Real Accounts
Accounts that are not closed at the end of the accounting period, representing ongoing financial balances in assets, liabilities, and equity.
Temporary Accounts
Accounts that track revenues, expenses, and withdrawals for a specific accounting period and are closed at period end.
Miscellaneous Expense
Minor or incidental expenses that do not fit into standard categories and are not material to the business's overall financial results.
Balance Sheet
A financial statement that presents a company's financial position at a specific point in time, including its assets, liabilities, and equity.
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