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All of the following are true about Holland's (1959) theory, except:
Other Accounts
A general referential term for various accounts in the financial statements not explicitly categorized under main headings.
Special Journals
Special journals are accounting journals designed to record a specific type of transaction in a more efficient manner, such as sales or purchases.
General Journal
A primary accounting record used to record all types of transactions not specifically assigned to another journal.
Sales Discount
A reduction given by a seller for prompt payment of a credit sale.
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