What is the basic summary device of accounting? - ProProfs Discuss
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What is the basic summary device of accounting?



A. Account
B. Ledger
C. Journal
D. Trial balance

This question is part of Chapter 2 Accounting
Asked by Lnwilcox, Last updated: Apr 03, 2020

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2 Answers

H. callum

Extrovert, Psyched all the time.

H. callum, Content Writer, BA, Birmingham, Albama

Answered May 10, 2019

Accounting is a practice of measuring and organizing information and data for a business or company. An accountant usually does it. The primary summary device of accounting is the account itself. Many companies would each have an account with the firm. Within this account, there may be other accounts for the different companies that this individual company works with.

Usually, accountants will determine the amount of money that the company must pay to other companies because these companies supply them with the work or raw materials to produce their products. Also, the accountant would be responsible for the money that the company acquires because of the companies that purchase their products or services. Usually, the accountant must have a head for numbers.

 

lnwilcox

Lnwilcox

Answered Oct 19, 2017

Account
 

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