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Cost accounting information is helpful to management for pricing decisions but has no effect on controlling costs.
Cash
The most liquid form of assets, representing currency or assets that can be immediately turned into currency.
Prepaid Expense
An expense that is paid for in advance and recorded as an asset until it is actually incurred.
Double-Entry Bookkeeping
An accounting system in which the recording of each transaction affects two or more accounts and the total of the debits is equal to the total of the credits.
Debiting
The process of recording an entry on the left side of the accounting ledger, which increases asset or expense accounts and decreases liability, equity, or revenue accounts.
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