NATURAL ACCOUNTS Definition

NATURAL ACCOUNTS in the Chart of Accounts are user defined accounts for the activities associated with the accounting entity that capture data at the transaction level. Natural accounts exist for a range of Assets, Liabilities, Equity accounts, Revenues, and Expenses.

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AUXILIARY JOURNAL is a journal in which accounting information is stored both before and after the transfer to the General Ledger.

SLIDE ERROR is the incorrect placement of the decimal point, e.g. $2545.00 is recorded as $25.45.

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