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What are the advantages and disadvantages of using the internet in social research?
Internal Transactions
Transactions that occur within a company, affecting its internal accounts without involving an external party.
External Transactions
Financial transactions that involve parties outside of the company, impacting the company's financial statements.
Accrual Basis Accounting
An accounting method where revenue and expenses are recorded when they are earned or incurred, regardless of when cash is received or paid.
Adjusting Entry
An accounting record made to update the financial statements to reflect income earned or expenses incurred but not yet recorded.
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