A _______ Is One Distinct Unit or Set of Units

question 159

Short Answer

A _______ is one distinct unit or set of units.

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Definitions:

Temporary Accounts

Accounts used to record transactions during an accounting period, which are then transferred to permanent accounts at the end of the period.

Permanent Accounts

The balance sheet accounts that carry their ending balances into the next accounting period.

Accounting Period

A specific time period at the end of which an organization prepares financial statements.

Balance Sheet Accounts

Accounts that make up the financial statement showing a company's assets, liabilities, and equity at a specific point in time.