A(n)____________________ Phrase Is a Phrase That Closely Resembles How People

question 34

Short Answer

A(n)____________________ phrase is a phrase that closely resembles how people speak during normal conversation.

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Definitions:

Accounting Cycle

The series of steps followed by an entity to track and manage its financial transactions, from the initial transaction recording to the final financial statement preparation and closing entries.

Closing

The process of finalizing accounts at the end of an accounting period by summarizing revenues and expenses and indicating net profit or loss.

Balance Columns

Sections in ledger accounts used to record debits on the left and credits on the right, facilitating the determination of account balances.

Balance Sheet Accounts

Records of a company's financial balances, including assets, liabilities, and shareholders' equity, at a point in time.