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An intern from the United Kingdom was working in an American software company during summers. One day her boss gave her a memo asking her to post it, with the intention of having it put on the bulletin board. To her boss's surprise the letter was mailed by the intern since the word "post" means "mail" in British English. In communication terms this error can be attributed due to:
Debit Accounts
Accounts that are increased with a debit entry, indicating either an increase in assets or expenses or a decrease in liabilities, equity, or revenue.
Credit Accounts
Accounts that are increased by credits and decreased by debits, reflecting liabilities and shareholder equity.
Owner's Equity
The amount of assets in a company that belongs to the owners after deducting liabilities; also known as shareholders' equity.
Capital Account
An account on the balance sheet that represents the equity or ownership interest of owners in the business.
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