The Source Code Field of Each GL Entry Provides a Beginning

question 33

Short Answer

The source code field of each GL entry provides a beginning point of reference for developing a proper ______________________________.

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Definitions:

Cash Receipts

The collection of money (cash, checks, wire transfers) by a business from its customers.

Cash Payments

Payments of cash to fulfill debts or acquire goods and services.

T Accounts

A visual representation of a ledger account that separates debits and credits, making the accounting process simpler.

Debit

An accounting entry that either increases an asset or expense account, or decreases a liability or equity account.