This topic contains a solution. Click here to go to the answer

Author Question: Financial data are recorded in both journals and the general ledger. What is the purpose of a ... (Read 60 times)

stephzh

  • Hero Member
  • *****
  • Posts: 556
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
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.





 

Did you know?

Computer programs are available that crosscheck a new drug's possible trade name with all other trade names currently available. These programs detect dangerous similarities between names and alert the manufacturer of the drug.

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

People with high total cholesterol have about two times the risk for heart disease as people with ideal levels.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Did you know?

Patients who have undergone chemotherapy for the treatment of cancer often complain of a lack of mental focus; memory loss; and a general diminution in abilities such as multitasking, attention span, and general mental agility.

For a complete list of videos, visit our video library