Reconciliation and Control Reports Can Help Detect Whether Any Errors

question 15

Multiple Choice

Reconciliation and control reports can help detect whether any errors have been made during the process of updating the general ledger.One reconciliation that indicates whether the sum of debit balances is equal to the sum of credit balances in the general ledger is commonly known as

• A)a trial balance.
• B)a completeness test.
• C)a closed-loop verification.
• D)a general journal listing.

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Definitions:

Formal Reports

Detailed and structured reports often used in a professional setting to convey research, findings, and recommendations.

Visuals

Graphic elements such as diagrams, graphs, photographs, and videos that are used to support or convey information.

Significance

The importance or meaning of something, especially in terms of its impact or relevance.

Action Items

Specified tasks or activities that need to be completed, often identified in meetings or strategic plans to achieve particular objectives.