A Master Element Is Also Referred to as A(n) ______________________

question 116

Short Answer

A master element is also referred to as a(n) ______________________ element.

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Definitions:

Accounting Records

Documentation and books that keep track of all financial transactions, assets, liabilities, equity, revenues, and expenses of an entity.

Transactions

The exchange of goods, services, or funds between two or more parties, forming the basis of accounting records.

Debit Credit

The two aspects of every financial transaction, where debit increases assets or expenses and credit increases liabilities, equity, or income.