Examlex
Solve the proportion. Round the result to three significant digits when necessary.
Normal Balance
The side of an account (debit or credit) where increases to the account are recorded.
Financial Statement(s)
Documents that provide an overview of a company's financial condition, including income statements, balance sheets, and statements of cash flows.
Permanent/Temporary
Categories of accounts in accounting; permanent accounts are balance sheet accounts that carry their balances throughout multiple accounting periods, while temporary accounts are income statement accounts that are cleared to zero at the end of each accounting period.
Normal Balance
The side (debit or credit) on which increases to the account are recorded, depending on the type of account.
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