Because Nations Use Different ____________And Rules in Their Daily Business

question 7

Short Answer

Because nations use different ____________and rules in their daily business operations,sometimes records within one company are incompatible.

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Definitions:

Permanent/Temporary

Describes items or accounts within financial accounting that either persist over time (permanent) or are expected to be concluded within a certain period (temporary).

Normal Balance

The side (debit or credit) on which entries increase an account's balance, based on the accounting equation.

Financial Statement

A written record that conveys the financial activities and conditions of a business or individual, typically including the balance sheet, income statement, and cash flow statement.

Permanent/Temporary

This refers to the nature of employment or status of objects wherein 'permanent' indicates indefinite duration and 'temporary' indicates a fixed duration.