Examlex
Suppose a plaintiff hires a lawyer to represent her in a court case.To which of the following contracts would a highly risk-averse plaintiff agree?
Permanent Accounts
Accounts in the general ledger that are not closed at the end of an accounting year and whose balances are carried forward to the next year.
Balance Sheet Accounts
Accounts that report the financial position of a company, including assets, liabilities, and shareholders' equity, at a specific point in time.
Closing Process
The transfer process of converting temporary account balances to zero by transferring the revenue and expense account balances to the owner’s capital account, and transferring the owner’s drawing account balance to the owner’s capital account.
Drawing Account
An account used to track withdrawals made by the owner of a sole proprietorship from the business for personal use.
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