Examlex
Which of the following is NOT a stage of change identified by Kathleen and Kevin Reardon?
Debits and Credits
Debits and credits are the fundamental components of accounting, representing increase or decrease in accounts to record transactions in double-entry bookkeeping.
Financial Statements
Summarized records of a company's financial activities, including the balance sheet, income statement, and cash flow statement, presented over a specific period.
Adjusting Entry
An entry recorded in the books at the period's end to assign earnings and outlays to the correct period.
Liability Account
An accounting record that reflects the amounts a company owes to others, such as loans payable, accounts payable, bonds payable, etc.
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