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Which of the following firms is considered as the most innovative company?
Periodic System
An inventory system that updates inventory and cost of goods sold at the end of each accounting period.
Vouchers Payable
A liability account in the general ledger that represents the controlling account for the sum of individual vouchers.
Voucher Register
A special journal replacing the purchases journal; it records prenumbered vouchers at the time the liabilities are incurred.
Check Register
A special journal that replaces the cash payments journal in recording payments of vouchers.
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