accounts that are continuous from one accounting period to the next

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

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

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Chapter 5

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