Which Element of an Accounting System Provides Information About the Balance

question 123

Multiple Choice

Which element of an accounting system provides information about the balance in each account?

• A) source documents
• B) journals
• C) ledgers
• D) cash flow statement

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Definitions:

Patent

A government grant giving an inventor exclusive rights to make, use, and sell an invention for a certain number of years.

Intellectual Property

Legal rights that result from intellectual activity in the industrial, scientific, literary, and artistic fields, including patents, copyrights, trademarks, and trade secrets.

Copyright Office

A government agency responsible for registering copyrights and managing copyright laws.

Tangible Form

Property or assets that have a physical presence and can be touched, as opposed to intangible assets like intellectual property.