Several Terms Which Represent Components of an Accounting System Are

question 109

Essay

Several terms which represent components of an accounting system are listed below.For each term,write a brief explanation of how that component is used in the accounting cycle.
A) Accounts
B) Chait of Accounts
C) Double-entry system with debits and credits
D) Jounal
E) General Ledger
F) Trial Balance

---

Definitions:

Day-To-Day Operations

The routine activities necessary for the ongoing management and functionality of a business or organization.

General Partners

Individuals in a partnership who have unlimited liability and are responsible for the management of the partnership.

Partnership Management

The practice of organizing and coordinating the operations and strategies of a business partnership.

Corporate Affairs

The activities, strategies, and management decisions related to the operation and governance of a corporation.