__________ Is the Process of Creating Explanations for Events

question 43

Short Answer

__________ is the process of creating explanations for events.

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Definitions:

Posting

The process of recording financial transactions in the ledger of a business.

Chart of Accounts

A structured list of all the financial accounts in the general ledger of a company, used for organizing transactions and reporting financial data.

Ledger Accounts

These are individual financial accounts within the accounting system of an organization that record specific transactions related to assets, liabilities, equity, revenue, and expenses.

Financial Statement Order

The typical sequence in which financial statements are prepared and presented, usually starting with the income statement, followed by the balance sheet, and the cash flow statement.