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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
What is the difference between a permanent and a temporary account? Give examples of each.
Explain the difference between a permanent and a temporary account, and given examples of each.
Account:
Account is the basic record that reports all changes in the value of particular assets, liabilities and stockholder’s equity, and it is the basic summary device of accounting.
Explain the difference between a permanent and a temporary account, and given examples of each as follows:
- Permanent accounts are the accounts which are not closed at the end of the (current) accounting year, and these accounts balances are carried forward to the subsequent accounting year...
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