ACCOUNTING Definition

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ACCOUNTING is primarily a system of measurement and reporting of economic events based upon the accounting equation for the purpose of decision making. Generally, when someone says "accounting" they are referring to the department, activity or individuals involved in the application of the accounting equation.

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REALIZATION PRINCIPLE is that revenue should be recognized at the time goods is sold and services are rendered.

JOURNAL, in accounting transactions, is where transactions are recorded as they occur.

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