The Purpose of __________ Is to Identify Deviations from Objectives

question 88

Short Answer

The purpose of __________ is to identify deviations from objectives and plans as soon as possible in order to take corrective action.

---

Definitions:

General Ledger

A comprehensive record of all financial transactions that occur within a business, sorted by account.

T-account

A graphical representation of a ledger account that outlines the effects of transactions on a specific account, used in double-entry bookkeeping.

Transactions

Financial interactions or exchanges between two or more parties, often involving the transfer of goods, services, or funds.

Investing Activity

Refers to buying and selling long-term assets and other investments, a key part of a company's cash flow statement.