What is a ledger?
b. What is a chart of accounts and why is it important?
. What is a trial balance and what are its purposes?
Victor Grimm is confused about how accounting information
flows through the accounting system. He believes the fl ow of information is as follows.
a. Debits and credits posted to the ledger.
b. Business transaction occurs.
c. Information entered in the journal.
d. Financial statements are prepared.
e. Trial balance is prepared