The General Ledger Master Data Contains Summarized Information of All

question 64

True/False

The general ledger master data contains summarized information of all of an organization's business event data.

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Definitions:

Accounts Receivable

Funds that are owed to a company by its customers for products or services provided on credit.

Note Receivable

A written promise that one party will receive a certain amount of money from another party at a future date, categorized as an asset.

Honoured

In financial terms, referred to a cheque or payment that has been accepted and processed by the bank.

Adjusting Entries

Journal entries made in accounting to update the records for accruals and deferrals that have not been recorded through regular financial transactions.