The Normal Sequence of Information Flow in an Accounting System

question 145

Multiple Choice

The normal sequence of information flow in an accounting system is:

• A) ledger, journal, source document.
• B) journal, source document, ledger.
• C) source document, journal, ledger.
• D) source document, ledger, journal.

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Definitions:

Probability

The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.

Advances

Payments or funds given ahead of a normal schedule or before the receipt of goods or completion of services.

Employees

Individuals who are hired by a business to perform tasks in exchange for wages, benefits, or salaries.

Accounts Receivable

Money owed to a business by its customers for goods or services delivered or used but not yet paid for.