Which Elements)of an Accounting System Provides)information About the Balance in Each

question 58

Multiple Choice

Which elements) of an accounting system provides) information about the balance in each account?

• A)Source documents
• B)Journals
• C)Accrual record
• D)Ledgers

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Definitions:

Loan

A financial agreement in which one party lends money to another, which is then required to repay the amount along with interest over a predetermined period.

Financial Assets

Assets that derive value because they represent a claim on future cash flows or other financial benefits, such as stocks, bonds, or bank deposits.

Mutual Fund

An investment vehicle made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments, and other assets.

Double Taxation

The imposition of taxes on the same income, asset, or financial transaction at two different levels, such as corporate income and then again as shareholder dividends.