One output of the accounting information system is the balance sheet.Transactions commonly associated with an organization's acquisition/payment process are most likely to be reflected in which sections of balance sheet?
A)Current assets and current liabilities
B)Current assets and long-term liabilities
C)Long-term assets and current liabilities
D)Long-term assets and long-term liabilities

Question

Quizplus · Accepted Answer

Transactions associated with an organization's acquisition/payment process are typically reflected in the current assets and current liabilities sections of the balance sheet. Current assets would include items such as cash, accounts receivable, and inventory which are used in the day-to-day operations of the business. Current liabilities would include items such as accounts payable, short-term loans, and accrued expenses that are due within the next twelve months.

One Output of the Accounting Information System Is the Balance