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One of the managers in the warehouse has asked a colleague of yours to explain the accounting process system. Below you will see their response with some key information missing.
Please fill in the blanks by writing your answers in the grey boxes. The following terms will help you.
- Business Transaction
- Trial Balance
- Books of Prime Entry
- Ledger Accounts
- Business Documents
Your colleagues answer
In general accounting terms when a sale or purchase has taken place, it is called a . Before the invoices, which are also called are entered into the accounting system, they are collated into like groups and entered into the relevant . At the end of each week or month theses are then totalled. The totalled information is then added into either manual or computerised individual . At the end of the month these are totalled and the totalled information is then added into a . I hope the above information has helped you.