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Author Question: What are the five basic accounts used in creating a general ledger system? What will be an ideal ... (Read 25 times)

jrubin

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on: Jul 26, 2018
What are the five basic accounts used in creating a general ledger system?
 
  What will be an ideal response?

Question 2

What is the basic purpose of an accounting system?
 
  What will be an ideal response?


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vickybb89

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Reply #1 on: Jul 26, 2018
Answer to Question 1

The basic accounts used in creating a general ledger system are: assets, liabilities, owners' equity, revenue, and expense.

Answer to Question 2

The basic purposes of an accounting system are to collect and classify financial data.


jrubin

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Reply 2 on: Jul 26, 2018
YES! Correct, THANKS for helping me on my review

phuda

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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