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Not all of the members of everyday categories have the same features. Most fish have gills, fins, and scales. Sharks lack the feature of scales, yet they are still categorized as fish. This poses a problem for the ___________ approach to categorization.
Correcting Entries
Journal entries made to correct errors found in the accounting records after the posting process.
Service Revenue
Income earned by a company for the services it has provided to its customers.
Utilities Expense
Costs incurred by a business for basic services such as electricity, water, and gas, classified under operating expenses in the income statement.
Owner's Drawings
Funds taken out of a business by the owner in a sole proprietorship or partnership for individual purposes.
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