Both the Revenue and the Expenditure Cycle Can Be Viewed

question 71

Multiple Choice

Both the revenue and the expenditure cycle can be viewed as having two key parts.These are

• A)manual and computerized
• B)physical and financial
• C)input and output
• D)batch and real-time

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Definitions:

Worksheet

A worksheet in accounting is a document used to compile information from ledger accounts for the purpose of preparing financial statements.

Control Account

An account used in accounting to summarize the total balances of multiple individual accounts, facilitating internal checks and balances.

Special Journals

Customized accounting journals used for recording and categorizing specific types of transactions such as sales, purchases, and cash receipts in an efficient manner.