Examlex
Positive accounting research attempts to describe "what is" and determine how things should be.
Recorded The Adjustment
The process of making entries to correct accounts or to account for transactions that have been missed in the financial records.
Subsidiary Ledger
A detailed ledger that supports and breaks down the information summarized in a general ledger.
Paid For Equipment
Refers to the cash outflow for the purchase of equipment, considered a capital expenditure in accounting.
Purchased On Account
Transactions where goods or services are bought on credit, with payment to be made at a later date.
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