Question
Required information Learning Objective 02-C1: Describe an account and its use in recording transactions. Skip to question Transactions and events are the starting points in
Required information
Learning Objective 02-C1: Describe an account and its use in recording transactions.
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Transactions and events are the starting points in the accounting process. Source documents identify and describe transactions and events and provide objective and reliable evidence. The effects of transactions and events are recorded in journals. Posting along with a trial balance helps summarize and classify these effects.
An account is a detailed record of increases and decreases in a specific asset, liability, equity, revenue, or expense. Information from accounts is analyzed, summarized, and presented in reports and financial statements.
The ledger (or general ledger) is a record containing all accounts used by a company and their balances. It is referred to as the books. The chart of accounts is a list of all accounts and usually includes an identification number assigned to each account.
the following list, identify those that are likely to serve as source documents.
Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.
Select all that apply.
check all that apply
- Trial balance
- Telephone billunanswered
- Sales receipt
- Income statement
- Invoice from supplier
- Bank statement
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