A(n) ____________________ Information System Is Designed to Collect, Process, and Report

question 91

Short Answer

A(n) ____________________ information system is designed to collect, process, and report information related to financial transactions.

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Definitions:

Debit And Credit

Accounting terms representing increases or decreases in accounts, used to record transactions in the double-entry bookkeeping system.

Trial Balance

A financial statement that checks the balance of all debit and credit entries in a company's accounting ledger to ensure accuracy.

Ledger Accounts

Individual records that provide in detail the transactions associated with a company's assets, liabilities, equity, revenue, and expenses.

Trial Balance

A bookkeeping report that lists the balances of all ledgers in two columns, debits and credits, ensuring that total debits equal total credits.