Examlex
What does appropriate generalization require?
Posting
The process of recording transactions in the ledger accounts as part of the accounting cycle.
Debit
An accounting entry that represents an increase in assets or expenses, or a decrease in liabilities or equity, recorded on the left side of the accounting ledger.
Credit
The provision of goods, services, or money with the expectation of future payment, or an entry in accounting that increases liabilities and decreases assets.
Transactions
Financial events that involve the transfer of value between two parties, recording in accounting records.
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