Since REA Databases Do Not Employ Journals and Ledgers,how Can

question 43

Essay

Since REA databases do not employ journals and ledgers,how can they support financial statement reporting?

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Definitions:

Fiduciary Duties

Obligations one party has to act in the best interest of another when entrusted with care or responsibility, especially in financial matters.

Directors and Officers

Individuals appointed or elected to manage and direct a corporation's affairs, respectively responsible for corporate policies and day-to-day operations.

Selected

Chosen from a group based on specific criteria or for a specific purpose.

Limited Liability Company

A Limited Liability Company (LLC) is a business structure that offers personal liability protection to its owners, along with tax and operational flexibility.