In Business,error Equals Inefficiency and Loss of Resources

question 25

True/False

In business,error equals inefficiency and loss of resources.

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Definitions:

General Ledger Accounts

General ledger accounts encompass the complete set of financial accounts and records used by a company to keep track of its financial transactions and prepare financial statements.

Accounts Receivable

Financial obligations of customers towards a business for delivered but unsettled goods or services.

Special Journal

A type of accounting journal designed for recording a specific category of transactions, such as sales or purchases, to increase efficiency and organization.

Purchases Account

An account used in accounting to track the total cost of goods and materials purchased for production or sale.