A Journal Is Used in Manual Accounting Environments

question 97

Multiple Choice

A journal is used in manual accounting environments.What file is comparable to a journal in a computerized environment?

• A)archive file
• B)reference file
• C)transaction file
• D)master file

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Definitions:

Title

A legal term referring to a person's formal right or ownership of an object, real estate, or intellectual property.

Cash Payments

Outflows of cash by an entity, typically for expenses, goods purchased, or services rendered.

Credit

A financial term describing the ability to borrow money or access goods or services with the understanding that payment will be made in the future.

Unearned Revenues

Unearned revenues refer to money received by a company for goods or services that have not yet been provided to the customer.