accounts used to collect information that will be transferred to a permanent account at the end of the accounting period

accounts that are continuous from one accounting period to the next; balances are carried forward to the next period

the 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 Accounting

Term	Definition
temporary accounts	accounts used to collect information that will be transferred to a permanent account at the end of the accounting period
permanent accounts	accounts that are continuous from one accounting period to the next; balances are carried forward to the next period
revenue recognition	the GAAP principle that revenue is recorded on the date it is earned even if cash has not been received