SIMPLE JOURNAL ENTRY Definition

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SIMPLE JOURNAL ENTRY is a journal entry that involves only one debit and one credit in the transaction.

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NON-DISCRETIONARY ACCRUAL is a mandatory expense/asset that is recorded within the accounting system that has yet to be realized. An example of this would be payroll taxes.

POINTS are additional fee paid to a lender. Points are generally stated as a percent of the total amount borrowed and are in essence prepaid interest. Points paid can be deducted over the life of the loan.

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