28.03.2023 - 11:06

The first step in designing a computerized accounting system is the creation of the: a. general ledger b. general journal c. trial balance d. chart of accounts

Question:

The first step in designing a computerized accounting system is the creation of the:

a. general ledger

b. general journal

c. trial balance

d. chart of accounts

Answers (1)
  • Millie
    April 16, 2023 в 05:07
    The correct answer is d. chart of accounts. The chart of accounts is a list of all the accounts used by a company to record financial transactions. It serves as the foundation for the entire accounting system because it provides a structure for organizing and classifying financial data. Once the chart of accounts is established, the other components of the accounting system can be developed, such as the general ledger and general journal. The trial balance is a report that verifies the accuracy of the accounting system and is generated after accounts have been recorded in the general ledger. However, the chart of accounts must be created first in order to ensure that financial data is recorded correctly and can be easily retrieved and analyzed in the future.
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