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Steven, a 6-year-old, can correctly name objects, catch a ball and throw it, and write his ABCs in proper sequence. His younger brother Harvey is much less speedy and skillful in all of these areas. What is the best explanation for Steven's superior performance?
Understated
Describes when figures or values are represented in accounting records as less than their true or actual amount.
Trial Balance
A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal, used to verify the accuracy of the bookkeeping system.
Debit
An accounting entry that increases an asset or expense account, or decreases an equity, liability, or revenue account.
Credit
An accounting entry representing an increase in assets or decrease in liabilities, and is also commonly used to refer to the provision of funds based on a trust agreement.
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