NATURAL ACCOUNTS Definition

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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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