Differentiate Between the Gemeinschaft and Gesellschaft Types of Society

question 49

Essay

Differentiate between the Gemeinschaft and Gesellschaft types of society.

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Definitions:

Understated

Describes when figures or values are represented in accounting records as less than their true or actual amount.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal, used to verify the accuracy of the bookkeeping system.

Debit

An accounting entry that increases an asset or expense account, or decreases an equity, liability, or revenue account.

Credit

An accounting entry representing an increase in assets or decrease in liabilities, and is also commonly used to refer to the provision of funds based on a trust agreement.