Examlex
Preston and Kennedy (1994) criticised the language of the Draft Competency Framework for Teaching (1993) as:
Journalizing
The process of recording a transaction in a journal.
Adjustments
Corrections made to financial records and accounts to accurately reflect income and expenses for a period.
Ledger
A comprehensive record of a company's financial transactions, organized by account, used to compile financial statements.
Accounting Period
A specific period of time covered by accounting records and financial statements, typically a year or a quarter.
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