An accounting system is designed to accumulate and classify data about a firm's financial affairs and summarize it in the general journal.

Question

Quizplus · Accepted Answer

An accounting system accumulates and classifies data to summarize it in financial statements, not just in the general journal. The general journal is used for recording transactions, but the system also includes ledgers and other components for comprehensive financial reporting.

An Accounting System Is Designed to Accumulate and Classify Data