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What should a teacher do during routine transitions?
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.
Worksheet Income Statement
A simplified version of an income statement prepared within an accounting worksheet to calculate net income or loss.
Normal Balance
The side (debit or credit) of an account that is expected to have a higher balance, reflecting its nature in accounting.
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