Important terms used in
Accounting Process:-
Transaction:-
Transaction is an instance of buying or selling something or
the action of conducting business, In a simple manner transaction is an
exchange.
i.e. Boy go to a shop and buy a pencil in consideration of
pencil he give money to Shopkeeper.
Journal :-
Journal is primary book were transaction are record first
time, These books also known as secondary.
Ledger:-
After journal all entries posted
in ledger, these books also known as principal books.
Trial Balance:-
After posting the entries in ledger the entry posted to
Trial Balance, this terms shows accurateness in numbers it’s also known as
arithmetic accuracy. The trial balance is an statement.
Accounting Process:-
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