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(also called book of first entry, journal or subsidiary book) book in which the business summarises daily transactions. Examples are Cash Payments Journal, Cash Receipts Journal, Creditors Journal, Debtors Journal, Petty Cash Journal, Salaries Journal, Wages Journal and General Journal.
set of written reports that describe the financial position of a business on a specific day....
ledger account prepared at the end of accounting period to find gross and net profit. There are...
internal control measure applied by encouraging or causing a desirable event to take place.
(also called indirect raw material expense) expense for raw materials, such as consumable stores...
tax levied by the government on certain goods and services. See input VAT and output VAT