A good accounting system should ensure recorded transactions are which of the following?

A good accounting system is essential for maintaining accuracy and integrity in financial reporting. When transactions are categorized as valid and properly authorized, it ensures that only legitimate business transactions are recorded in the accounting system. This includes having the necessary approvals and documentation to back up each transaction, thereby reducing the risk of fraud or errors.

Valid transactions refer to those that genuinely occurred and have been properly verified, meaning they represent real economic events. Proper authorization means that transactions have been approved by the appropriate personnel, ensuring compliance with internal controls and organizational policies. Together, these elements help maintain the reliability of financial statements and support accountability within the organization.

Other options, such as randomly classified and summarized, do not contribute to the reliability of the financial system; random classifications can lead to confusion and inaccuracies in reporting. Temporary and conditional classifications would not provide a stable framework for financial reporting, as they could lead to inconsistencies. Estimates for forecasts are more appropriate in budgeting and planning rather than in the actual recording of transactions, which should reflect actual activities rather than merely projections. Thus, ensuring that recorded transactions are valid and properly authorized is fundamental to an effective accounting system.