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Journal and ledgers (Journals (5 Journals (Cash Disbursement, Cash Receipt…
Journal and ledgers
Journals
Chronological record of transactions
5 Journals
Cash Disbursement
Cash Receipt
Purchase
Sales
General
Ledgers
Classify journals
One General Ledger and infinite amount of subsidiary ledgers
Bankruptcy
Ch 11 reorganization by creditors
Ch 7 liquidation
Financial statements
Reclassify ledger into statements
Chart of Accounts
Statistical misinformation
Incorrectly classifying
Rules to avoid this
Proof of cash
Check receipts and disbursements separately
Define simple and clear rules
Clerk will not be confused