Please Define the Following Key Terms

question 10

Short Answer

Please define the following key terms.
-ocher

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Definitions:

Specialized Journals

Accounting books or ledgers used to record and track transactions of a similar type, such as sales or purchases, for efficient processing.

Original Entry

Describes the initial recording of a financial transaction in the accounting records or journal, marking the first phase in the accounting cycle.

Specialized Journals

Accounting journals designed for recording specific types of financial transactions, streamlining the accounting process.

General Journal

A book or digital record used in double-entry bookkeeping to chronicle all financial transactions in chronological order, allowing for the tracking of all company transactions.