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khalasar99 khalasar99
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Posts: 452
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6 years ago
What criteria should a construction company use in establishing a chart of accounts?
 
  What will be an ideal response?

 Q. 2

What are the five basic accounts used in creating a general ledger system?
 
  What will be an ideal response?

 Q. 3

What is the basic purpose of an accounting system?
 
  What will be an ideal response?
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#1
6 years ago
Ans. to #1

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.

Ans. to #2

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

Ans. to #3

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