In a Logical DFD for the General Ledger/business Reporting (GL/BR)

question 48

Multiple Choice

In a logical DFD for the general ledger/business reporting (GL/BR) process, which of the following processes normally would not update the general ledger master data?

• A)Record budget.
• B)Post events data.
• C)Record adjustments.
• D)Prepare financial statements.

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Definitions:

FIFO

An inventory valuation method where the first items produced or purchased are the first used or sold.

FIFO

"First In, First Out," an accounting method for valuing inventory where the first items placed in inventory are the first sold.

Current Costs

The costs that would have to be incurred to replace or reproduce an asset in the current period, under current market conditions.

Absorption Costing

An accounting method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed manufacturing overhead - in the cost of a product.