Examlex
Which of the following is an incorrect match?
Normal Balance
The side (debit or credit) of an account that is expected to have a higher balance, considering the account type (asset, liability, etc.).
Double-Entry Accounting
A bookkeeping system that records each transaction in two accounts, ensuring that the accounting equation (Assets = Liabilities + Equity) remains balanced.
Transaction Recorded Twice
This refers to a bookkeeping error where a financial transaction is mistakenly entered into an accounting system more than once, potentially distorting financial statements.
Liabilities
Debts or financial responsibilities that a company has towards others, requiring settlement via the transfer of economic resources over a period.
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