No Matter the Size,finance Is a Critical Activity For

question 84

Multiple Choice

No matter the size,finance is a critical activity for:

• A)accountants,but not for financial managers.
• B)non-profit organizations,but not for profit-seeking businesses.
• C)profit-seeking and non-profit organizations.
• D)profit-seeking,but not for non-profit organizations.

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Definitions:

Control Account

An account used in the general ledger to summarize and keep track of transactions relating to a specific aspect of a company's finances, such as accounts receivable or payable.

General Ledger

A comprehensive record of all financial transactions within an organization, serving as the foundation for a company's financial statements.

Cash Payments Journal

A financial journal that records all cash outflows or payments made by a business, including expenses, debt payments, and purchases.

Credit To Cash

A transaction in accounting where a credit sale is paid off, converting receivables into cash.