Examlex
Which one of the following statements is TRUE?
Service Revenue
Income generated from providing services to clients or customers.
Salaries And Wages Expense
The total amount spent by a business on employee compensation.
Accounting Equation
The accounting equation is a fundamental principle of financial accounting that states that assets equal liabilities plus equity, providing the foundation for double-entry bookkeeping.
Transaction Explanation
A description or rationale provided for each transaction within an accounting system, aiding in understanding and verifying the nature of the transaction.
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