A Benefit of a Company Accounting for Their Documents in a Numerical

question 92

True/False

A benefit of a company accounting for their documents in a numerical sequence is that it is much easier to see if a document or documents are missing.

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Definitions:

Ledger Accounts

Records that summarize the transactions related to a particular item over a period, creating a record of each financial transaction that takes place.

Transferred

The act of moving assets, funds, or rights from one account, location, or ownership to another.

Journals

Recorded chronological entries that detail all the financial transactions of a business, used as the initial place of record.

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account.