Precious Ichedi

Precious Ichedi

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Basic Accounting (Acc101)

Basic Accounting (Acc101)

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Account in the general journal that does not close at the end of a period. In other words, these accounts stay open allowing their balances to accumulate and carry over to the next period for the company’s lifetime. Accounts are income statement accounts and are also called 'temporary accounts' in contrast to balance sheet (asset, liability, and owners' equity) accounts which are called 'permanent accounts' or 'real accounts.'

 
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