An Account Is a Part of the Financial Information System

question 162

Multiple Choice

An account is a part of the financial information system and is described by all except which one of the following?

• A) An account has a debit and credit side.
• B) An account is a source document.
• C) An account may be part of a manual or a computerized accounting system.
• D) An account has a title.

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Definitions:

Physical Assets

Tangible property owned by a business or individual, such as machinery, buildings, and inventory.

Serious Bargaining

The process of negotiating terms and conditions in a committed and earnest manner.

Tangible Assets

Physical items or properties owned by a person or company that have value, such as land, buildings, and equipment.

Intangible Assets

Non-physical assets that have value due to the legal rights or competitive advantages they provide, such as trademarks, patents, and copyrights.