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Processes That Reduce Any Discrepancies from the Set Point Are

question 57

Multiple Choice

 Processes that reduce any discrepancies from the set point are known as ____.


Definitions:

Double-entry Accounting

An accounting method where every financial transaction results in equal and opposite effects in at least two different accounts.

Ledger

A book or collection of financial accounts where all transaction records are summarized and recorded.

Journal

A book or digital record where all financial transactions are initially recorded in chronological order before being posted to accounts in the ledger.

Debit

A bookkeeping record that leads to either a rise in assets or a fall in liabilities in a firm's balance sheet.

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