In Its Simplest Form, an Account Consists of All of the Following

question 159

Multiple Choice

In its simplest form, an account consists of all of the following except

• A)right (credit) side.
• B)account title.
• C)left side.
• D)explanation column.

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Definitions:

Bank Reconciliation

The process of comparing and matching the balances of an entity's accounting records with corresponding bank statements to ensure accuracy.

Journal Entry

A record in the accounting ledger that notes every financial transaction of a business, including the accounts affected and the date of the transaction.

Petty Cash Fund

A small amount of cash on hand used for covering minor expenses, typically managed by a designated petty cash custodian.

Office Supplies

Consumable items and minor equipment used in an office setting, such as paper, pens, and staplers.