List and Describe the Three Types of Data Flow

question 20

Essay

List and describe the three types of data flow.

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Definitions:

Ledger

A comprehensive collection of a company's financial accounts.

Trial Balance

A Trial Balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns to ensure that total debits equal total credits.

Financial Statements

Reports that show the financial performance and position of a company, including the balance sheet, income statement, and cash flow statement.

Adjusting Entries

Journal entries made at the end of an accounting period to update the accounts for accruals and deferrals that have not been recorded during the period.