What business transactions are recorded in the financial accounting system?
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Single-entry "bookkeeping" is adequate for many small businesses. In the double-entry accounting system, at least two accounting entries are required to record each financial transaction. These entries may occur in asset, liability, equity, expense, or revenue accounts.
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Single-entry "bookkeeping" is adequate for many small businesses. In the double-entry accounting system, at least two accounting entries are required to record each financial transaction. These entries may occur in asset, liability, equity, expense, or revenue accounts.
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