Examlex
Match each word part meaning with its correct word part.
-Sugar
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.
Worksheet Income Statement
is a financial statement that preliminarily combines income and expenses data in worksheet form to calculate net income or loss.
Normal Balance
The part of an account (either debit or credit) that is used to log increments in the account's value.
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