This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Financial data are recorded in both journals and the general ledger. What is the purpose of a ... (Read 16 times)

stephzh

  • Hero Member
  • *****
  • Posts: 556
on: Jul 26, 2018
Financial data are recorded in both journals and the general ledger. What is the purpose of a journal?
 
  What will be an ideal response?

Question 2

What criteria should a construction company use in establishing a chart of accounts?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

JYan

  • Sr. Member
  • ****
  • Posts: 331
Reply #1 on: Jul 26, 2018
Answer to Question 1

Journals are used to collect financial data that are needed to develop specific management reports.

Answer to Question 2

First basic accounts are established for each category of financial data that will be apart of a financial statement or financial report. Secondary accounts are then created to track any financial data needed for management of the company.


stephzh

  • Hero Member
  • *****
  • Posts: 556
Reply #2 on: Jul 26, 2018
TY


JYan

  • Sr. Member
  • ****
  • Posts: 331
Reply #3 on: Jul 26, 2018
You're welcome


« previous next »
 

Did you know?

More than 30% of American adults, and about 12% of children utilize health care approaches that were developed outside of conventional medicine.

Did you know?

Most women experience menopause in their 50s. However, in 1994, an Italian woman gave birth to a baby boy when she was 61 years old.

Did you know?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Did you know?

More than nineteen million Americans carry the factor V gene that causes blood clots, pulmonary embolism, and heart disease.

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

The nitrogen cycle. Numbers represent fluxes as 1012 g N per year (data from Schlesinger 1991, after The nitrogen cycle. Numbers represent fluxes as 1012 g N per year (data from Schlesinger 1991, after
Flying Horse Poised on One Leg on a Swallow, from the tomb of Governor-General Zhang at Wuwei, ... Flying Horse Poised on One Leg on a Swallow, from the tomb of Governor-General Zhang at Wuwei, ...
Stages of General Anesthesia Stages of General Anesthesia
A Corner of the General Massage Section of an Army Hospital. A Practice of Physiotherapy by Sampson, ... A Corner of the General Massage Section of an Army Hospital. A Practice of Physiotherapy by Sampson, ...
A mechanism for peptidyltransferase involving A2451 (E. coli) as a general base A mechanism for peptidyltransferase involving A2451 (E. coli) as a general base
data data
Video: Phlebotomy

For a complete list of videos, visit our video library