In a Short Essay,discuss the Differences Between Primary and Secondary

question 56

Essay

In a short essay,discuss the differences between primary and secondary data.Include a specific example of each to support your answer.

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Definitions:

Adjusting Entries

Journal entries made in accounting records at the end of an accounting period to update the balances of certain accounts.

Financial Statements

Formal records of the financial activities and position of a business, including the balance sheet, income statement, and cash flow statement.

Accounting System

A structured process of collecting, recording, summarizing, and reporting financial transactions of a business or individual.

Accrual Basis of Accounting

An accounting method where income and expenses are recorded when they are earned or incurred, regardless of when the cash transactions occur.