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Sales On Account
Transactions where goods or services are sold and delivered, but payment is agreed to be made at a later date.
Internal Controls
Processes and procedures implemented by a business to safeguard its assets, enhance the reliability of its accounting records, ensure compliance with laws, and promote efficient operations.
Accounting System
A structured process of recording, summarizing, and analyzing an organization's financial transactions.
Chart of Accounts
A systematic list of all account titles and numbers being used by an organization to organize its financial transactions and prepare financial statements.
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