The General Ledger and Reporting System Consists of the ________

question 30

Multiple Choice

The general ledger and reporting system consists of the ________ involved in ________ the general ledger and ________ reports.

• A)business transactions;updating;processing
• B)data processing;business transactions for;printing
• C)information processing;updating;creating
• D)business transactions;data processing;preparing

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Definitions:

Year-End Adjusting Entry

An accounting entry made at the end of a fiscal year to update accounts for revenues earned or expenses incurred but not yet recorded.

Credit To Cash

A financial transaction where received credits (receivables) are converted into cash, often through collections or sales.

Supplies Account

An account used to track the cost of consumable items used by a company during its operations, which are not part of the final product.

Adjusting Entry

An accounting record made at the end of an accounting period to allocate income and expenditure to the correct period.