The general journal is used for transactions not covered by special journals and for adjusting, closing, and correcting entries. ()
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The cost-benefit principle prescribes that the benefits from an activity in an accounting information system outweigh the costs of that activity. ()
The sales journal is used to record cash sales of merchandise inventory. ()
Current liabilities are cash and other resources that are expected to be sold, collected or used within one year or the company's operating cycle whichever is longer. ()
The Owner's Withdrawals account is a real account that will be carried forward period after period. ()