Examlex
Item 1 in the figure above is called the ____.
Transaction
An agreement or exchange between parties that involves the transfer of goods, services, or funds.
Account Balance
The total amount of money in a financial account, calculated by adding all deposits and subtracting all withdrawals.
Trial Balance
A bookkeeping report that lists all the balances of the general ledger accounts of a business at a certain point in time to ensure that debits equal credits.
Cash Account
A financial account that tracks the amount of cash available, used for managing daily cash transactions.
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