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Chapter 5

Key Terms

TermDefinition
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
Created by: talenswan1
Popular Accounting sets

 

 



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