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As an example a client just paid their Bill on the internet, or revenue was withdrawn from your checking account to pay a utility Invoice. Periodically, commonly at the conclusion of a financial period of time, financial transactions are summarized into quarterly or yearly financial statements. T

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The monetary statements must demonstrate corresponding information and facts to the previous yr(s) so the end users may be able to Examine the fiscal overall performance, position and hard cash flows of various decades. In accounting, only organization transactions are recorded. A transaction is