Examlex
Which of the following is a correct match?
Financial Statement
A formal record of the financial activities and position of a business, person, or other entity, typically including balance sheet, income statement, and cash flow statement.
Normal Balance
The side (debit or credit) of an account that is usually increased. For example, assets have a normal debit balance, while liabilities have a normal credit balance.
Financial Statement
Documents that provide an overview of a company's financial condition, including balance sheet, income statement, and cash flow statement.
Permanent/Temporary
Refers to the classification of accounts or differences; permanent accounts are ongoing and not closed at the end of the accounting period, whereas temporary accounts are closed and reset.
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