The First Activity in the General Ledger System Is to Update

question 73

Multiple Choice

The first activity in the general ledger system is to update the general ledger.Updates come from the various accounting subsystems as well as from the treasurer.How is general ledger updating accomplished by the various accounting subsystems?

• A)Individual journal entries for each accounting subsystem transaction update the general ledger every 24 hours.
• B)Summary journal entries that represent the results of all transactions for a certain time period are used to update the general ledger.
• C)The controller or treasurer must approve accounting subsystem journal entries before any updating may occur.
• D)Nonroutine transactions are entered into the system by the treasurer's office.

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Definitions:

Demand

The desire of purchasers, consumers, or clients for a particular good or service accompanied by the ability to pay for it.

B₂B Purchasing Process

The series of steps that businesses go through when procuring goods or services from other businesses, including need identification, evaluation, and purchase decision.

Consumer Decision-making Process

The steps that buyers go through in selecting, purchasing, using, and disposing of goods or services.

Shorter

Relative term indicating a lesser length, duration, or extent compared to something else.