Examlex
What is important for the PTA to consider regarding appropriate documentation?
Basic Accounting Equation
The fundamental equation of double-entry bookkeeping, stating that assets equal liabilities plus owner's equity.
Transaction
An agreement or exchange between two parties that has a measurable financial effect on the accounts of a business.
Accounts
Financial records of transactions that track the income, expenses, assets, liabilities, and equity of an entity.
Double-Entry System
An accounting method that records each transaction in at least two accounts, ensuring the accounting equation (Assets = Liabilities + Equity) remains balanced.
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