The general ledger and reporting system consists of the ____ involved in ___ the general ledger and ____ Show Information processing; updating ; creating Which item below is not considered a major input to the general ledger and reporting system Who provides the adjusting entries for a well-designed general ledger and reporting system? The general ledger and reporting system is designed to provide information for which of the following groups? Internal users External users Inquiry processing by internal or external users The general ledger system of an organization should be designed to serve the information requirements of both internal and external users. This system should support Producing regular periodic reports and respond to real-time inquiry needs How is the general ledger updating accomplished by the various accounting subsystems? Summary journal entries that represent the results of all transactions for a certain time period are used to update the general ledger When updating the general ledger, sales, purchase, and production are examples of ___ entries, and issuance or retirement of debt and the purchase or sale of investment are examples of ____ entries Accounting subsystem; treasurer originated Entries to update the general ledger are often document by which of the following? Adjusting entries that reflect events that have already occurred, but for which no cash flow has taken place are classified as Recording interest earned in an investment is an example of which type of adjusting entry? An adjusting entry made at the end of an accounting period that reflects the exchange of cash prior to performance of a related event is classified as a(n) Depreciation expenses and bad debt expenses are examples of which type of adjusting journal entry Adjusting entries that are made to reflect differences between the acutely and records value of an asset or change in accounting principle are called Adjusting entries that are made to counteract the effects of errors found in the general ledger are called Corrections are entries made to correct errors found in ___ Immediately after the adjusting entries are posted, the next step in the general ledger and reporting system is to prepare. An adjusted trial balance Financial statements are prepared in a certain sequence. Which system is prepared last in the sequence? A listing of journal vouchers by sequence, account number, or dare is an example of A general ledger control report If you believe that not all adjusting entries were posted in the general ledger, you should prepare a general ledger control report listing journal vouchers in If you believe a general ledger account was not adjusted properly or at all, you should prepare a general ledger control report listing journal vouchers in General ledger account number order The managerial report that shows planned cash inflows and outflows for major investments or acquisitions is the Capital expenditures budget Depicts planned revenues and expenditures for each organizational unity <br/> Budgets and performance reports should be developed on the basis of Responsibility accounting Performance reports for cost centers should compare actual versus budget ____ costs Performance reports for sales departments should compare actual verse budget Departments that mostly provide services to other Units and charge those units for services rendered should be evaluated as _____ centers As responsibility reports are rolled up into reports for higher level executives, they Variances for variable costs will be misleading when the planned output differs from budgeted output. A solution to this problem would be To use a flexible budgeting plan Concerning XBRL, which of the following statements is not true? XBRL's adoption will require accountants and systems professionals tag data for their clients The benefits of XBRL include Organizations can publish financial information only once, using standard XBRL tags Tagged data is readable and interpretable by computers, so users don't need to re-enter data into order to work with it Communications technology and the Internet can be used to reduce the time and costs involved in disseminating financial statement information. Users of such financial information still struggle in that many recipients have different information delivery requirements and may have to manually renter the information into their own decision analysis tools. The ideal solution to solve these problems and efficiently transmit financial information via the Internet is to use Which of the following statements is not true about an XBRL instance document? An instance document includes instruction code as to how the document should be physically arranged Which of the following are appropriate controls for the general ledger and reporting system? Using well-designed documents and records Online data entry with the use of appropriate edit checks Pre unnerving documents and accounting for the sequence numbers A type of data entry control that would ensure that adjusting entries are posted to existing general ledger accounts is called a(n) __ check One way of ensuring that recurring adjusting journal entries are made each month would be to Create a standard adjusting journal entry file <br/> Which of the following tasks are facilitated by maintaining a strong and secure audit trail Tracing a transaction from original source document to the general ledger report Tracing an item in a report back through the general ledger to the original source document Tracing changes in general ledger accounts from beginning to ending balances Which of the following balanced scorecard dimensions provides measures on how to efficiently and effectively the organization is performing key business processes Which of the following is not one of the principles of proper graph design for bar charts? Use 3-d rather than 2-d to make reading easier Information about financing and investing activities for use in making general ledger entries is typically provided by he treasurer Adjusting entries are made to recognize revenue that has been received but not yet earned are classified as Adjusting entries that reflect a change in accounting principle used to value inventories are classified as While making an adjusting entry to the general ledger she received the following error message, " the account number referenced in your journal does not exist. Do you want to create a new account?" This message was a a result of a While making an adjusting entry to the general ledger, she received the following error message "your journal entry must be a numeric value. Please reenter." This message was the result of a While making an adjusting entry to the general ledger she received the following error message when she tried to save her data entry, " the amounts debited and creditors are not equal. Please correct and try again". This message was the result of a The following error message occurred " the data you have entered does not include a source reference code. Please enter this data before saving." This message was the result of a IFRS is an acronym for what? International financial reporting standards Which of the following is true about the IFRS financial statements likely must be prepared using IFRS starting 2015 Which of the following scenarios would not be allowed under IFRS A landscaping and garden retail store keeps piles of river rock, gravel, paving stones, and small decorative rocked in a fenced area on the side of the store. The store uses the most recent inventory costs when calculating costs of goods sold since he new inventory is piled on top of the older inventory. Which of the following is true about accounting for fixed assets? Depreciation expense under ideas will likely be higher than under GAAP, because acquisitions of assets with multiple components must be separately depreciated under IFRS, whereas under GAAP assets could be bundled and depreciated over the longest of the useful life for any of the components. Which person makes adjusting entries in the general ledger and reporting system?Which person makes adjusting entries in the general ledger and reporting system? Controller.
Who should make adjusting entries?Each month, accountants make adjusting entries before publishing the final version of the monthly financial statements. The five following entries are the most common, although companies might have other adjusting entries such as allowances for doubtful accounts, for example.
What is general ledger and reporting system?The general ledger is the foundation of a company's double-entry accounting system. General ledger accounts encompass all the transaction data needed to produce the income statement, balance sheet, and other financial reports.
What are adjustments to general ledger?An adjusting journal entry is an entry in a company's general ledger that occurs at the end of an accounting period to record any unrecognized income or expenses for the period.
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Who provides the adjusting entries for a well-designed general ledger and reporting system?
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