Examlex
An approach that enters and processes data into the accounting system as soon as source documents are available is called:
Journal Entry
A record in accounting that logs a transaction and shows the affected accounts in the form of debits and credits.
Debits
Accounting entries that increase assets or expenses and decrease liabilities, equity, or revenue, recorded on the left side of accounting ledgers.
Credits
Accounting entries that increase liabilities or decrease assets, or record income in double-entry bookkeeping.
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