Describing a Product or Service Should Be in Lay Terms

question 51

True/False

Describing a product or service should be in lay terms even if the product is technical in nature.

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Definitions:

Journal

A record where all financial transactions of a business are initially noted before they are transferred to ledger accounts.

Ledger

A comprehensive collection of a company's accounts, documenting all transactions and financial results.

Chart of Accounts

An organized list of all accounts in the general ledger of a company, each with a unique account number, used for recording transactions and preparing financial statements.