Come Up with a Basic Emergency Plan

question 22

Essay

Come up with a basic emergency plan. What are the first few things you should consider?

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Definitions:

Posting

In accounting, posting refers to the process of transferring entries from the journal into their respective accounts in the ledger, for the purpose of organizing and summarizing financial information.

Journal

A detailed record where all financial transactions of a business are initially recorded before transfer to accounts in the general ledger.

Ledger

A book or other collection of financial accounts of a particular type.

Prepaid Insurance

The portion of insurance premiums that have been paid in advance and are recorded as an asset on the balance sheet until the coverage period expires.