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 58 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?

Automated pill dispensing systems have alarms to alert patients when the correct dosing time has arrived. Most systems work with many varieties of medications, so patients who are taking a variety of drugs can still be in control of their dose regimen.

Did you know?

Only 12 hours after an egg cell is fertilized by a sperm cell, the egg cell starts to divide. As it continues to divide, it moves along the fallopian tube toward the uterus at about 1 inch per day.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

Did you know?

Adult head lice are gray, about ? inch long, and often have a tiny dot on their backs. A female can lay between 50 and 150 eggs within the several weeks that she is alive. They feed on human blood.

Did you know?

Human stomach acid is strong enough to dissolve small pieces of metal such as razor blades or staples.

Material safety data sheets (MSDS), now called safety data sheets (SDS), should be readily available ... Material safety data sheets (MSDS), now called safety data sheets (SDS), should be readily available ...
A TECH 2 scan tool is the factory scan tool used on General Motors vehicles. A TECH 2 scan tool is the factory scan tool used on General Motors vehicles.
Financial Management: Core Concepts Financial Management: Core Concepts
Business Intelligence, Analytics, and Data Science: A Managerial Perspective, 4th Edition Business Intelligence, Analytics, and Data Science: A Managerial Perspective, 4th Edition
Satellite data on primary productivity in the equatorial Pacific Ocean Satellite data on primary productivity in the equatorial Pacific Ocean
The general structure of DNA transposons The general structure of DNA transposons
Video: What is Cholesterols? Introduction to Lipoproteins

For a complete list of videos, visit our video library