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What Are the Basic Elements of a Financial Accounting System

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What are the basic elements of a financial accounting system?


Definitions:

Legal Liability

The responsibility of an entity to bear the consequences of legal actions, losses, or damages.

Credit Request

A formal application made by an individual or business seeking to borrow money or obtain goods or services on credit.

Denying Credit

The refusal to acknowledge someone's contribution or role in achieving something.

Employment Duration

The length of time an individual is employed in a specific job or with a particular company.

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