Examlex
Discuss the two dimensions on which the VALS typology is based.
Simple Entry
A journal entry that involves only two accounts.
Chart of Accounts
An organized list of all the accounts in a company’s general ledger used for recording financial transactions.
Asset Accounts
Accounts on the balance sheet representing valuable resources owned by the company expected to provide future benefits.
Three Column Form
A documentation format usually used in accounting and bookkeeping that showcases debits, credits, and balance for individual accounts.
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