Examlex
Fraud is not an accounting problem - it is a social phenomenon.Explain.
Normal Balance
The side (debit or credit) of an account on which increases to the account are recorded under double-entry accounting.
Financial Statement
A formal record of the financial activities and position of a business, person, or other entity.
Permanent/Temporary
distinguishes between accounts or actions that exist indefinitely (permanent) or for a specific duration (temporary).
Closing Entries
Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts, preparing the books for the next period.
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