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What are some different types of social policies? Describe the differences between contributory and noncontributory programs and provide examples of both. What are some current concerns regarding social policy spending?
Transaction
An agreement or communication carried out between two or more parties that results in the exchange of value, such as the purchase or sale of goods or services.
Posting Reference Columns
Columns in a journal entry that help in transferring information to, and tracking from, the corresponding ledger accounts for audit trail purposes.
Ledger
A comprehensive collection of a company’s final financial accounts, including assets, liabilities, equity, revenue, and expenses.
Journal
A detailed record where all financial transactions of a business are initially recorded, listed in chronological order.
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