Examlex
Which of the following is a necessary element in an accounting system? (You may select more than one answer. )
Payables
Short-term liabilities of a company, representing amounts owed to suppliers or creditors for goods and services received but not yet paid for.
Control Accounts
General Ledger accounts that summarize the balances of numerous subsidiary accounts, used to consolidate and reconcile details.
Computerized Accounting System
An accounting system that utilizes software to record, store, and process financial transactions and data.
Month-end Postings
The journal entries made at the end of the month to record all transactions and adjustments for that month.
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