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Figure 24.2
Identify the labeled structure(s) in each of the following questions.
-Identify the structure(s) indicated by Label P.
Chart of Accounts
A systematic listing of all accounts used by an organization, categorized to facilitate financial reporting and bookkeeping.
GAAP
Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting in the U.S.
Income Statement Accounts
The accounts that report the revenues, expenses, gains, and losses of a company, which are used to calculate the net income on the income statement.
Trial Balance
A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to check for accuracy.
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