Identify and State the Historical Significance of the Following

question 46

Short Answer

Identify and state the historical significance of the following:
-Robert Owen

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Definitions:

Posting

The process of transferring financial information from the journal to the respective accounts in the ledger, a crucial step in the accounting cycle.

Cash Account

A financial account that records cash transactions in and out.

Posting Reference

A code or number used in accounting to indicate the ledger account to which a transaction has been posted.

Journal Entry

A record in the books of accounts that documents a financial transaction, showing the accounts and amounts debited and credited.