Examlex
Which of the following statements is (are) true concerning private insurance?
I.Social insurance programs are private insurance programs.
II.Both individuals and businesses purchase private insurance.
Debit
An accounting entry that results in either an increase in assets or a decrease in liabilities on a company’s balance sheet.
Journalizing
The process of recording business transactions in the accounting journals as part of the bookkeeping process.
Transaction
An agreement or exchange between two parties that is recorded and has an economic impact on the finances of a business.
Journal
A detailed record where all financial transactions of a business are initially recorded, before being transferred to the general ledger.
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