______________________ Is the Recording of Financial Transactions and Events, Either

question 185

Essay

______________________ is the recording of financial transactions and events, either manually or electronically.

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Definitions:

Asset

A valuable economic entity held or overseen by an individual, business, or state, expected to bring about future advantage.

Sales

The total revenue generated from the sale of goods or services over a specific period.

Revenue Account

An account that tracks the income earned from normal business operations, such as sales of goods or services.

Sales Tax Payable

A liability account in a company's financial statements, representing sales tax collected from customers but not yet remitted to the government.