Listed Below Are Two Pieces of Information

question 152

Multiple Choice

Listed below are two pieces of information.Where is the best place to locate this information,in the journal or the ledger?
1) Details of a transaction that took place on October 3.
2) All of the sales activity that took place during the current month.

• A) 1. Journal 2. Journal
• B) 1. Journal 2. Ledger
• C) 1. Ledger 2. Ledger
• D) 1. Ledger 2. Journal
• E) This information is only available on the financial statements.

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Definitions:

Profits

Rewards earned by businesspeople who take the risks involved in blending people, technology, and information to create and market want-satisfying goods and services.

Future Periods

Time frames that lay ahead, in which planning, forecasting, and predictions are aimed towards.

Financial Managers

Executives who develop and implement the firm’s financial plan and determine the most appropriate sources and uses of funds.

Financial Plan

A comprehensive evaluation of an individual's or organization's current and future financial state by using currently known variables to predict future income, asset values, and withdrawal plans.