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General Ledger (GL) Accounting

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Questions and Answers

What is the purpose of a General Ledger?

To generate financial statements directly

To record only vendor transactions

To act as the main record for all accounting purposes (correct)

To record only customer transactions

What is General Ledger Accounting?

A subcomponent of FI module that records all company transactions (correct)

A subcomponent of FI module that records only vendor transactions

A subcomponent of FI module that records only customer transactions

A subcomponent of FI module that generates financial statements

What type of transactions are recorded in a General Ledger?

Only purchases from vendors

Only customer transactions

Only internal company transactions

All transactions including purchases from vendors and customer transactions (correct)

Why are transactions recorded in General Ledger?

To prepare financial statements Signup and view all the answers

What is the significance of General Ledger in Financial Reporting?

It is used to prepare financial statements Signup and view all the answers

What is the primary function of a General Ledger?

To act as the central repository for all company transactions Signup and view all the answers

In which module is General Ledger Accounting a subcomponent?

FI Module Signup and view all the answers

What type of data is contained in a General Ledger?

Entire transactions of a company Signup and view all the answers

What is the scope of transactions recorded in a General Ledger?

All transactions within and outside the company Signup and view all the answers

What is the ultimate purpose of recording transactions in a General Ledger?

To prepare financial reports Signup and view all the answers

Study Notes

General Ledger (GL) Accounting

General Ledger Accounting is a subcomponent of the FI (Finance) module.
A General Ledger is a comprehensive record of all transactions within a company.
It serves as the primary data source for all accounting purposes.
The General Ledger contains a wide range of transactions, including:
- Purchases from vendors
- Customer transactions
- Internal company transactions
The General Ledger is used to generate Financial Statements by recording transactions.

General Ledger (GL) Accounting

General Ledger Accounting is a subcomponent of the FI (Finance) module.
A General Ledger is a comprehensive record of all transactions within a company.
It serves as the primary data source for all accounting purposes.
The General Ledger contains a wide range of transactions, including:
- Purchases from vendors
- Customer transactions
- Internal company transactions
The General Ledger is used to generate Financial Statements by recording transactions.

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Description

Learn about General Ledger Accounting, a comprehensive record of company transactions, serving as the primary data source for all accounting purposes, including generating Financial Statements.