Examlex
Match the following instruments with their correct category.
-Grasping and holding
Salaries And Wages Expense
The total amount spent by a business on employee compensation.
Accounting Equation
The accounting equation is a fundamental principle of financial accounting that states that assets equal liabilities plus equity, providing the foundation for double-entry bookkeeping.
Transaction Explanation
A description or rationale provided for each transaction within an accounting system, aiding in understanding and verifying the nature of the transaction.
Income Statement
Also known as profit and loss statement, it details a company’s financial performance, including sales, expenses, and profits over a period.
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