Examlex
Which of the following is an example of the S-O-R principle?
Financial Statement
A document detailing quantitatively the financial state of a business, covering its balance sheet, income statement, and cash flow statement.
Permanent/Temporary
Categories of accounts in accounting: permanent accounts track long-term financial status, while temporary accounts track revenues, expenses, and dividends over a specific period.
Withdrawals
Money or assets taken out of a business by its owners for personal use.
Worksheet Income Statement
A simplified version of an income statement prepared within an accounting worksheet to calculate net income or loss.
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