Design of an Accounting System Begins with The

question 54

Multiple Choice

Design of an accounting system begins with the:

• A)chart of accounts.
• B)opening trial balance.
• C)previous year's financial statements.
• D)general ledger.

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Definitions:

Dodd-Frank Act

A comprehensive US financial reform legislation passed in 2010 to reduce systemic risk and increase transparency in the financial system.

Securities Exchange Act

A U.S. federal law that regulates the trading of securities such as stocks and bonds in the secondary market, ensuring transparency and fairness.

Misstatement

An error or inaccuracy in stating facts or details, often found in financial accounts or reports.

GAAS

Generally Accepted Auditing Standards; guidelines that auditors follow when conducting audits on companies' financial statements.