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What is the key difference between a relationship based on power and one based on authority?
Accounting Information System
A system used by businesses to collect, store, manage, process, retrieve, and report financial data for the purpose of informed decision-making.
General Ledger
A complete record of all financial transactions over the life of a company, used to compile financial statements.
General Journal
A basic accounting ledger that records each financial transaction of a business in chronological order.
Transactions
The exchanges or transfers of goods, services, or funds between two or more parties.
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