A ________ Is an Internal Document (Or File) That Is

question 193

Short Answer

A ________ is an internal document (or file) that is used to accumulate information to control cash disbursements.

Know the initial point of entry for accounting transactions.

Grasp the concept of the double-entry accounting system.

Understand how the process of journalizing differs from posting.

Identify common errors in the trial balance and their rectification.

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Definitions:

Continuing Operations

The segments or activities of a business expected to continue for the foreseeable future, excluding any discontinued operations from financial analysis.

Discontinued Operations

Components of a business that have been sold or terminated, which are reported separately in the financial statements.

Discontinued Operation

A segment of a company's business that has been sold, ceased to operate, or is scheduled for termination.

Statement of Income

The statement of income, also known as an income statement or profit and loss statement, is a financial document that outlines a company's revenues, expenses, and net income over a specific period, demonstrating the company's financial performance.