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Increasing the KVp

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Increasing the kVp


Definitions:

General Journal

The primary bookkeeping record in double-entry accounting, used to record all transactions by date, before they are posted to individual accounts in the general ledger.

Book of Original Entry

The Book of Original Entry refers to the initial record where financial transactions are documented chronologically.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby resetting the temporary accounts for the next period.

Account Balances

The amount of money in an account at a specific point in time, reflecting all transactions.

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