Examlex
Explain how payroll affects the liabilities of a firm.
Cash
Money in the form of coins and banknotes; the most liquid form of assets a company has.
Journalizing
The process of recording transactions in a company's journal before they are posted to the general ledger.
Posting Process
The act of transferring entries from the journal to the respective ledger accounts to keep financial records accurate and up-to-date.
Wrong Amount
Errors in financial transactions that result in the recording of inaccurate figures in accounting systems.
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