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Chapter 5

TermDefinition
Temporary Accounts Accounts used to collect information that will be transferred to a permanent capital account at the end of the accounting period (for example, revenue, expense, and the owner's withdrawals account)
Permanent Accounts Accounts that are continuous from one accounting period to the next; balances are carried forward to the next period (for example, assets, liabilities, and the owners capital account)
Revenue Recognition The GAAP principle that revenue is recorded on the date it is earned even if cash has not been recieved
Created by: 308918
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