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What is the importance of setting objectives?
Normal Balance
The side (debit or credit) of an account that is normally expected to have a higher balance, indicating its increase.
Financial Statement
A document detailing quantitatively the financial state of a business, covering its balance sheet, income statement, and cash flow statement.
Permanent/Temporary
Categories of accounts in accounting: permanent accounts track long-term financial status, while temporary accounts track revenues, expenses, and dividends over a specific period.
Withdrawals
Money or assets taken out of a business by its owners for personal use.
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