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Which of the following is consistent with the idea of localization of function?
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).
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