Examlex
Assets
Resources owned by an individual or organization, having economic value and expected to provide future benefits.
Double-Entry Bookkeeping System
An accounting method that records each financial transaction twice, in debit and credit columns, to maintain the balance of the accounting equation.
Single-Entry System
A simple form of bookkeeping where each financial transaction is recorded in only one account, not suitable for tracking assets and liabilities accurately.
Payments
Transactions involving the transfer of money in exchange for goods, services, or to fulfill a legal obligation.
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