The Important Information Services Functions of the General Ledger and Business

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The Answer is The general ledger process comprises accumulating data, classifying data by general ledger accounts, and recording data in those accounts. Fueling the financial reporting, business reporting, and other reporting subsystems by providing the information needed to prepare external and internal reports. In servicing the information needs of managerial reporting, the GL interacts with the budgeting modules.
The business reporting process is concerned with the following: Preparing general purpose, external financial statements (e.g., the conventional four that you have studied in other accounting courses: the balance sheet, income statement, statement of owner equity changes, and cash flow statement). Ensuring that the external financial statements conform to GAAP; therefore, among other things, the statements must contain appropriate footnote disclosures. Generating Web-based forms of key financial statement and related business reporting information for dissemination via the Internet. Supporting the generation of both ad hoc and predetermined business reports that support operational and strategic decision making.

The Important Information Services Functions of the General Ledger and Business

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