The Umbilical Cord Has

question 1

Multiple Choice

The umbilical cord has

• A) one vessel.
• B) two vessels.
• C) three vessels.
• D) four vessels.

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Definitions:

Permanent/Temporary

Refers to accounting records: permanent accounts track financial activities that span over multiple fiscal years; temporary accounts measure activity within a single fiscal year.

Normal Balance

The side of an account (either debit or credit) expected to have a higher balance based on standard accounting practices.

Financial Statement

A structured report on the fiscal operations and condition of an organization, individual, or any other body.

Permanent/Temporary

Describes accounts that are either not closed at the end of the accounting period (permanent) or are closed and reset (temporary).