The Purpose of ______________________________ Controls Is to Ensure That Entity

question 13

Short Answer

The purpose of ______________________________ controls is to ensure that entity resources are protected from loss, destruction, disclosure, copying, sale, or other misuse.

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Definitions:

Journal

A journal is a detailed account that records all the financial transactions of a business, to be used later for classifying and summarizing into financial statements.

Ledger Accounts

A record in accounting that is used to aggregate monetary transactions by account, monitoring debits and credits over a period.

Journal Entries

The recorded transactions in the financial books of a company, serving as the initial step in the accounting cycle.

T-Accounts

A graphical representation of a general ledger account, showing debits on the left side and credits on the right side to track transactions.