Examlex
The difference between the amount of capital at the beginning of a year and the amount of capital at the end of the year is equal to
Periodic Inventory System
An inventory accounting system where updates to inventory levels are made on a periodical basis rather than transaction by transaction.
Net Method
An accounting practice where purchase discounts are recorded immediately by reducing the price of the goods bought, assuming the discount will be taken.
Journal Entries
The records of financial transactions in the accounting system, documented in chronological order.
Voucher
A document that serves as evidence for a transaction and authorizes the payment or receipt of money.
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