What Are the Three Key Elements in the Entrepreneurial Process

question 167

Essay

What are the three key elements in the entrepreneurial process?

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Definitions:

General Ledger

A comprehensive set of accounts that records all transactions of a company, categorized into assets, liabilities, equity, revenue, and expenses.

Sales Return

Goods returned by the customer to the seller for a refund or credit due to reasons like defects or dissatisfaction.

General Journal

A comprehensive ledger that records all the day-to-day financial transactions of a business.

Accounts Payable

Liabilities of a business that represent amounts owed to creditors for goods and services purchased on credit.