The Order of the Flow of Accounting Data Is (1)

question 156

True/False

The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements.

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Definitions:

Current Ratio

An indicator assessing the ability of a company to cover its obligations or debts falling due within one year.

Current Liabilities

Short-term financial obligations that are due within one year or within the normal operating cycle.

FICA Taxes Payable

Taxes that are due on employee and employer contributions to Social Security and Medicare.

Federal Income Taxes Payable

A liability account on the balance sheet representing the amount of income taxes a company owes to the government.