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

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

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.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
which of the following statements is true regarding the flow of accounting information? a. the account...
which of the following statements is true regarding the flow of accounting information? a. the account balances in the adjusted trial balance are used to prepare financial statements for the current accounting period b. transactions are first recorded in the ledger accounts and then transferred to the accounting journals c. the net income (revenue less expenses) as reported on the income statement is also reported on the balance sheet d. the dividends reported on the statement of retained earnings are...
Which of the following is correct about the statement of cash flows? A. It provides information...
Which of the following is correct about the statement of cash flows? A. It provides information about a company’s cash receipts and cash payments during an accounting period. B. It provides information about a company’s operating, investing, and financing activities during the period. C. It provides information that investors and creditors can use to assess the company’s ability to generate positive future cash flows, ability to pay its liabilities, ability to pay dividends, and its need for additional financing. D....
The cash flow statement provides additional information beyond the income statement and balance sheet. Explain why...
The cash flow statement provides additional information beyond the income statement and balance sheet. Explain why the cash flow statement provides useful information beyond the other statements.
Which type of accounting provides managers and employees with the information needed to make decisions about...
Which type of accounting provides managers and employees with the information needed to make decisions about a firm's financing, investing, marketing, and operating activities? a. Government accounting b. Not-for-profit accounting c. Cost accounting d. Managerial accounting e. Financial accounting
The adjective "pre-numbered" is associated with which generic element of an accounting information system? (2 point)...
The adjective "pre-numbered" is associated with which generic element of an accounting information system? (2 point) A. Input B. Internal control C. Both input and internal control D. Neither input nor internal control
The Cash Over and Short account: A) Is not necessary in a computerized accounting system. B)...
The Cash Over and Short account: A) Is not necessary in a computerized accounting system. B) Is used when the cash account reports a credit balance. C) Can never have a debit balance. D) Is used to record the income effects of errors in making change and/or processing petty cash transactions. E) Can never have a credit balance.
Which of the following financial statements provides information about a company as of a specific point...
Which of the following financial statements provides information about a company as of a specific point in time? Income statement Statement of changes in equity Statement of cash flows Balance sheet
Financial documents: For each of the following, indicate which financial documents (income statement, balance sheet, cash...
Financial documents: For each of the following, indicate which financial documents (income statement, balance sheet, cash flow statement, budget) would show this information. Profit or loss for a given period of time Assets and their value on a given date Expenses for a period of time Money paid out during a period of time Beginning and ending cash balance for a period of time Projected income for a period of time Income as a percentage of sales Owner’s equity on...
a) Record the transaction using the accounting equation. Be specific about account names & $ amounts....
a) Record the transaction using the accounting equation. Be specific about account names & $ amounts. b) Indicate the effect of each transaction on the Statement of Cash Flow (SCF). Specify which section(s) of the SCF the transaction affects and in what direction. If there is no effect on the SCF, write “no effect”. Recognized $9,000 of depreciation expense on the machinery. Accounting Equation
The Accounting Cycle Accounting is the recording, classifying, summarizing, and interpreting of financial events and transactions...
The Accounting Cycle Accounting is the recording, classifying, summarizing, and interpreting of financial events and transactions to provide management and other interested parties the information they need to make good decisions. Most businesses use a formal accounting cycle to prepare and analyze the major financial statements (balance sheet, income statement, and statement of cash flows). This short video describes how a small business prepares the information used in the accounting cycle. 1). Source documents would include items such as receipts,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT