AcctCh2 Test
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| A. A record of the debits and credits of transactions; can be used to record any transaction.B. The difference between the increases (including the beginning balance) and decreases in an account.C. An accounting system in which each transaction affects at least two accounts and has at least one debit and one credit.D. A journal entry that affects at least three accounts.E. A record where transactions are recorded before they are posted to ledger accounts; also called book of original entry.F. Process of recording transactions in a journal.G. An account form used as a tool to show the effects of transactions and events on specific accounts.H. The process of transferring journal entry information to the ledger.I. Customers and others who owe a company.J. Account showing the owner's claim on company assets; equals owner investments plus net income (or less net losses) minus owner withdrawals since the company's inception; also referred to as equity.K. Recorded on the left side; an entry that increases asset and expense accounts, and decreases liability, equity, and revenue accounts. |
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