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Prep Charter School Uses an Online Test Provided by Quality

question 14

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Prep Charter School uses an online test provided by Quality Tests, Inc., to assess the probability that an adolescent is chemically dependent.The agreement between Prep Charter and Quality for the use of the test most likely provides that if Prep Charter breaches its duties under the agreement, Quality will suffer


Definitions:

Recording Process

The act of documenting financial transactions systematically in the books of accounts of a business.

Journal

An elaborate log that captures every financial transaction of an enterprise, initially entered prior to its transfer to the accounts within the general ledger.

Ledger

A comprehensive collection of accounts that records all financial transactions of a business, serving as the principal book for accounting.

Trial Balance

An accounting report that lists the balances of all ledger accounts to ensure that debits equal credits, used for internal checks.

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