Asked by Brooke Candia on Jul 18, 2024
Verified
An account is a part of the financial information system and is described by all except which one of the following?
A) An account has a debit and credit side.
B) An account is a source document.
C) An account may be part of a manual or a computerized accounting system.
D) An account has a title.
Account
A record summarizing all the transactions pertaining to a single item in the accounting equation.
Debit And Credit Side
Terms used to describe the two sides of an accounting ledger; the debit side records increases in assets and expenses and decreases in liabilities and equity, while the credit side records increases in liabilities, equity, and revenues and decreases in assets and expenses.
Source Document
A primary document that holds the necessary information to verify a transaction recorded in a financial system.
- Absorb the design and responsibilities of accounts in the financial accounting system.
Verified Answer
DE
Daisy EmanoJul 22, 2024
Final Answer :
B
Explanation :
An account is not a source document. It is a record used to classify and summarize financial transactions. Source documents are the original records of a transaction, such as invoices and receipts, which provide evidence and support for the entries made into accounts.
Learning Objectives
- Absorb the design and responsibilities of accounts in the financial accounting system.