Which of the Following Is Used to Report Data Needed

question 21

Multiple Choice

Which of the following is used to report data needed to meet legal and regulatory requirements?

• A)Assets
• B)Equity
• C)Tangible document
• D)Financial statement
• E)None of the above

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Definitions:

Accounting System

A structured process of collecting, recording, summarizing, and interpreting financial information of a business.

Adjusting Entries

At the close of a financial period, journal entries are created to distribute earnings and costs to the period in which they genuinely took place.

Adjusted Trial Balance

is a listing of all company accounts that will appear on the financial statements after making end-of-period adjustments.

Reversing Entry

An accounting entry made at the beginning of an accounting period to reverse or cancel out a previous adjusting entry.