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According to the Concept of Effort Justification

question 39

Multiple Choice

According to the concept of effort justification,


Definitions:

Credit Entries

Accounting entries that increase liabilities or decrease assets, typically reflecting incoming payments or the granting of credit to a customer.

Transactions

Financial activities or events that affect the financial position of the company.

Owner's Equity Accounts

Accounts representing the owner’s claim or interest in the business assets after all liabilities have been deducted.

Credits

Entries on the right side of an account, indicating an increase in liabilities, equity, or revenue, or a decrease in assets or expenses.

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