Examlex
Which of the following is a correct observation?
Credit
An accounting entry on the right side of an account ledger, recording increases in liabilities, equity, and revenue, or decreases in assets and expenses.
Recording Process
The act of documenting financial transactions systematically in the books of accounts of a business.
Journal
An elaborate log that captures every financial transaction of an enterprise, initially entered prior to its transfer to the accounts within the general ledger.
Ledger
A comprehensive collection of accounts that records all financial transactions of a business, serving as the principal book for accounting.
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