A franchise's economic figures must be recorded, then transferred ...

[Shelles]

A franchise's economic figures must be recorded, then transferred and balanced before final calculations can be determined. Which of the following sequences indicates the path taken by these figures during the accounting process?
 a. journal, general ledger, financial statements
  b. general ledger, journal, financial statements
  c. financial statements, journal, general ledger
  d. journal, financial statements, general ledger

Question 2

When designing a service setting, it is not necessary to create an environment that balances the wants of the customers with the needs of the service employees.
 
 Indicate whether the statement is true or false

[adammoses97]

Answer to Question 1

a. Income and expense figures are initially entered in an accounting book called the journal. After all entries have been journalized, each transaction is posted (transferred) to the general ledger, which may be a bound book, a computer printout, or even a set of file cards. Once amounts have been posted or ledgered, they are balanced. These balanced amounts are then used to prepare the financial statements.

Answer to Question 2

F

[Shelles]

Thank you

[adammoses97]

Happy to help you