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Which of the following statements is not true?
Payroll Records
Documents that detail the compensation paid to employees, including wages, salaries, bonuses, and deductions.
Fiscal Year
A one-year period that companies use for financial reporting and budgeting, which may not align with the calendar year.
Depreciation Expense
The process of distributing the financial burden of a tangible asset over its life expectancy.
General Journal Entry
A General Journal Entry is a record of financial transactions in the general ledger, detailing the accounts affected, amounts, and dates, serving as the first step in the accounting cycle.
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