Question

Which element of an accounting system provides information about the balance in each​ account? A. cash...

Which element of an accounting system provides information about the balance in each​ account?

A.

cash flow statement

B.

source documents

C.

ledgers

D.

journals

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Answer #1

The correct answer is

C. Ledgers

Explanation:

Cash Flows: Shows the cash inflows and outflows during a period

Source Documents: It is a record with details supporting a particular transaction.

Journals: The accounting transactions are entered into the journals in chronological order.

Ledgers: Entries in the journal are posted to their respective ledgers.

For example, Consider a cash sales journal entry

Cash a/c $ 1,000
To Sales $ 1,000

The above entry is passed in the Journal at the date of the transaction. After that, this will be posted to the Cash ledger and Sales ledger both. Therefore the closing balance of each account is shown in the ledgers.

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