Examlex
Provide five examples of checks and balances within the federal government.
Assets
Economic resources owned by a business or individual that are expected to benefit future operations.
Expenses
Financial outlays or obligations incurred by a company as part of its operational activities, leading to a reduction in owners' equity.
Compound Entry
An accounting entry that involves more than two accounts, where there are multiple debits and/or credits in a single transaction.
Trial Balance
A financial worksheet that consolidates all ledger balances into debit and credit columns, verifying the mathematical accuracy of a company's accounting system.
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