Examlex
________ is/are an example of a preventive control.
Adjusting Entries
Journal entries made in accounting records at the end of an accounting period to update the balances of certain accounts.
Financial Statements
Formal records of the financial activities and position of a business, including the balance sheet, income statement, and cash flow statement.
Accounting System
A structured process of collecting, recording, summarizing, and reporting financial transactions of a business or individual.
Accrual Basis of Accounting
An accounting method where income and expenses are recorded when they are earned or incurred, regardless of when the cash transactions occur.
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