Describe Paraphrasing and State Why It Is Used

question 62

Essay

Describe paraphrasing and state why it is used.

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Definitions:

Adjusting Entries

Journal entries made in accounting records at the end of an accounting period to update the accounts for accruals and deferrals.

Income Statement

A financial statement that shows a company's revenue and expenses over a specific period, resulting in net income or loss.

Cost of Goods Sold

Direct expenditures associated with the manufacture of products sold by a firm, covering materials and workforce.

Journal Entries

The records of financial transactions in the double-entry bookkeeping system, each of which must have a debit and a credit.