accounts used to collect information that will be transferred to a permanent capital account at the end of the accounting period (eg: revenue, expense, owner's withdrawals account)

continuous accounts from one accounting period to the next (eg: asset accounts)

GAAP principle that revenue is recorded on the date it is earned even if cash has not been received

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Chapter 5

Key Terms

Term	Definition
temporary accounts	accounts used to collect information that will be transferred to a permanent capital account at the end of the accounting period (eg: revenue, expense, owner's withdrawals account)
permanent accounts	continuous accounts from one accounting period to the next (eg: asset accounts)
revenue recognition	GAAP principle that revenue is recorded on the date it is earned even if cash has not been received