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Which of the following statements is not true about texting?
Normal Balance
The side of an account (either debit or credit) expected to have a higher balance based on standard accounting practices.
Financial Statement
A structured report on the fiscal operations and condition of an organization, individual, or any other body.
Permanent/Temporary
Describes accounts that are either not closed at the end of the accounting period (permanent) or are closed and reset (temporary).
Normal Balance
The side (debit or credit) of an account that is increased. For assets and expenses, it is the debit side; for liabilities, equity, and revenues, it is the credit side.
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