Assets, liabilities, and capital are permanent (real) accounts; their balances are carried over from one accounting period
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Assets, liabilities, and capital are permanent (real) accounts; their balances are carried over from one accounting period to another. Withdrawals, rev¬ enue, and expenses are temporary (nominal) accounts; their balances are not carried over from one accounting period to another.
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College Accounting A Practical Approach Chapters 1-26
ISBN: 9780130911421
8th Edition
Authors: Jeffrey Slater
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