Describe the Different Components of the Fishbone Diagram and the Process

question 31

Essay

Describe the different components of the fishbone diagram and the process and steps to create the drawing.

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Definitions:

Journal Entry

A recording of financial transactions in the accounting records, detailing the accounts affected, amounts, and date.

Chart of Accounts

An organized list of all ledger account titles and numbers used by a company, detailing all transactions' recording places.

General Ledger

A comprehensive record of all financial transactions of a company, systematically organized by accounts.

Net Income

The remaining earnings of a company following the deduction of all expenses and taxes from its total income.