Examlex
The purpose of benchmarking is to find out what other people and organizations are doing very well, and then plan how to incorporate these ideas into one's own operations.
Recording Journal Entries
The process of documenting all financial transactions of a business in the double-entry accounting system through debits and credits.
Posting
The act of recording financial transactions in the appropriate ledger accounts as part of the accounting process.
Analyzing Business Transactions
The process of reviewing, categorizing, and interpreting the financial activities within a business to understand their impact on the financial statements.
Preparing Closing Entries
The procedure of transferring all income statement balances to permanent accounts at the end of an accounting period to prepare for the next period.
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