Please Define the Following Key Terms

question 58

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Lydia Becker

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Definitions:

Chart of Accounts

A structured list of all the accounts in a business's general ledger, used for organizing financial transactions and preparing financial statements.

New Company

The creation of a new business entity or organization, often involving the establishment of operations, legal structures, and identification.

Automatically Creates

Refers to software or system functions that generate items or documents without manual input, based on predefined conditions or triggers.

Sales Transaction

The process of exchanging a product or service for money, constituting a contractual agreement between buyer and seller.