In the context of good accounting practices, ________ allow entrepreneurs to perform a monthly tracking of how much they spend and ultimately form an annual record of all business-related costs.

Question

Quizplus · Accepted Answer

Expense accounts track all business-related costs and allow for monthly tracking, which can then be compiled into an annual record. Accounts payable track money owed to suppliers, petty cash registers track small expenses, and inventory accounts track the amount of inventory on hand and its value.

In the Context of Good Accounting Practices, ________ Allow Entrepreneurs