To Maintain Adequate Records and Documents in a Manual General

question 72

Multiple Choice

To maintain adequate records and documents in a manual general ledger system, there are two important requirements.These are:

• A)A well-defined chart of accounts & adequate general ledger
• B)An adequate audit trail & adequate internal controls
• C)A well-defined chart of accounts & adequate audit trail
• D)An adequate general ledger & adequate internal controls

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Definitions:

Accounting Profit

Accounting profit is the monetary gain calculated by subtracting total explicit costs from total revenue.

Sunk Cost

A cost that has already been incurred and cannot be recovered, and therefore should not affect current and future business decisions.

Nonrefundable Ticket

A type of ticket for which the cost is not returned to the purchaser if they decide to cancel their booking or are unable to use the ticket.

Soccer Match

A competitive game of soccer played between two teams, adhering to specific rules and durations as specified by the sport's governing body.