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Give an Example of Primary Information and an Example of Secondary

question 44

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Give an example of primary information and an example of secondary information.What is the key difference between the two types of information?


Definitions:

Debit Memorandum

A document or entry recorded by an entity that decreases a balance in another's account, typically used in adjustments between businesses.

Cash Balance

The amount of cash a company has on hand at a given time, reflecting its liquidity.

Custody

The protective care or guardianship of someone or something, often used in legal contexts to refer to the care of children or assets.

Accounting Records

Documentation and books that comprise a record of all financial transactions of a business, used for tracking its income, expenses, assets, and liabilities.

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