What Is a Characteristic of Good Observation

question 22

Short Answer

What is a characteristic of good observation?

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Definitions:

Accounting Department

A division within a company or organization that is responsible for managing financial records, transactions, and reporting.

Periodic System

An inventory system that updates inventory and cost of goods sold at the end of each accounting period.

Vouchers Payable

A liability account in the general ledger that represents the controlling account for the sum of individual vouchers.

Voucher Register

A special journal replacing the purchases journal; it records prenumbered vouchers at the time the liabilities are incurred.