________ Provide the Basic Information Processed by an Accounting System

question 18

Short Answer

________ provide the basic information processed by an accounting system, and can include bank statements, billings to customers, and employee earnings records.

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Definitions:

Authorized Shares

The maximum number of shares that a corporation is legally permitted to issue, as stated in its articles of incorporation.

Corporation

A legal entity separate from its owners, with its own rights and liabilities, capable of conducting business.

Legal Entity

An organization that has legal rights and obligations, including the ability to enter into contracts and own assets, separately from its owners.

Public Corporation

A type of company that issues shares of stock that are publicly traded on one or more stock exchanges.