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Identify/define and explain the significance of the following: Aryan.
Financial Statement
Reports that provide information about a company's financial performance and position, including balance sheets, income statements, and cash flow statements.
Normal Balance
The side (debit or credit) of an account that is expected to have a higher balance, based on the account type.
Temporary/Permanent
Categories used to distinguish between accounts that are closed at the end of an accounting period (temporary) and those that carry forward their balance into future periods (permanent).
Accrued Interest
Interest on loans or bonds that has accumulated but not yet been paid.
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