Band Arrangements Calculator UGA Amazon Mail SS Sportsurge Thingiverse Photoshop SSOAP2DAY With regard to the elements of a financial accounting system, which of the following statements is correct? As transactions are recorded, the system allows for the accounting equation to be out of balance. Within the accounting system, net income reported on the balance sheet should always equal the net effects of revenue and expenses on retained earnings. GAAP only provides guidance for when transactions should be recorded. H One of the controls of a financial accounting system is that the ending cash on the statement of cash flows equals the ending cash reported on the income stateme The system is organized around the framework of the accounting equation.