Which Accounting Data Standards Ledger Identifies Data Needed for Purchase

question 14

Multiple Choice

Which Accounting Data Standards ledger identifies data needed for purchase orders,goods received,invoices,payments,and adjustments to accounts?

• A) Base Standard
• B) General Ledger Standards
• C) Procure to Pay Subledger Standard
• D) Inventory Subledger Standard

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Definitions:

Publicly Held Companies

Companies whose ownership is distributed among the general public through publicly traded shares or stocks.

Internal Control Environment

The overall attitude, awareness, and actions of directors, management, and personnel regarding internal controls and their importance in the organization.

Monitoring Policies

Procedures and guidelines established by an organization to systematically observe and assess the effectiveness of its policies and procedures.

Internal Control

Processes and procedures implemented by a business to safeguard its assets, ensure accurate and reliable financial reporting, promote efficiency, and ensure compliance with laws and regulations.