Regardless of your business's size,the one essential element of an accounting system is ________ that is accurate,easy to use,and tracks all checks written and all deposits made.
A) tax accounting
B) financial accounting
C) managerial accounting
D) cash accounting

Question

Quizplus · Accepted Answer

The element of an accounting system that is essential for any business's size is cash accounting. This system tracks all checks written and all deposits made, ensuring that the business's cash flow is accurately monitored. A cash accounting system is also relatively easy to use compared to other accounting systems, making it a practical choice for smaller businesses. Tax accounting, financial accounting, and managerial accounting are crucial elements of larger businesses but may not be necessary for small businesses.

Regardless of Your Business's Size,the One Essential Element of an Accounting