Design of an Accounting System Begins with The

question 113

Multiple Choice

Design of an accounting system begins with the:

• A)previous year's financial statements.
• B)use of a firewall.
• C)chart of accounts.
• D)opening trial balance.

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Definitions:

Divorce

The legal dissolution of a marriage by a court or other competent body, often involving division of assets and debts.

Investment

An investment is an asset or item acquired with the goal of generating income or appreciation over time.

Schedule D

A form used with tax returns to report capital gains and losses from transactions of capital assets.

Trade or Business

An activity undertaken by a person or entity for the purpose of earning profit from selling goods or services.