Briefly Define the Term Current

question 19

Essay

Briefly define the term current.

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Definitions:

Credits

Accounting entries that increase liabilities or equity or decrease assets, reflecting the sources of funding or income.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to check the accuracy of financial recordings.

Journal Entries

Records of financial transactions entered into an accounting system, ensuring that the debits equal the credits in financial accounting records.

Cash

Liquid assets held by an individual or company, which include currency and demand deposits readily available for transactions.