Examlex
Which of the following is not correct regarding the Leapfrog Group?
Temporary/Permanent
Categories of accounts in accounting: temporary accounts are closed at the end of the fiscal year, while permanent accounts are carried over across accounting periods.
General Journal Entries
Records of financial transactions in chronological order as part of the double-entry bookkeeping system.
Effective Interest Rate
The real rate of interest earned or paid on an investment, loan, or other financial product, taking into account the effects of compounding.
Bank Loan
Money lent to an individual or business by a bank, typically requiring repayment with interest.
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