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Author Question: Financial data are recorded in both journals and the general ledger. What is the purpose of a ... (Read 55 times)

stephzh

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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?


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JYan

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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

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Reply #2 on: Jul 26, 2018
TY


JYan

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Reply #3 on: Jul 26, 2018
You're welcome


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