12 Questions
What is the main purpose of accounting records according to the text?
To trace source documents from inception to financial statements and vice versa
Which advantage is NOT associated with using GL/FRS with database technology as per the text?
Separation of transaction authorization and processing
What is XML primarily used for, based on the information provided?
Modeling data structure of an organization's internal database
Which statement best describes the purpose of XBRL according to the text?
Offering expanded financial information virtually instantaneously
What does HTML primarily define, as mentioned in the text?
Graphic elements
Why are passwords and authorization tables described as controls in the context provided?
To improve data security measures
What is the purpose of the General Ledger History File?
To support comparative financial analysis by storing past period data
Which potential risk in the GL/FRS system deals with account balances that are incorrect due to unauthorized or incorrect journal vouchers?
Account balances that are wrong because of unauthorized or incorrect journal vouchers
What issue can arise if G/L clerks have custody of physical assets according to the GL/FRS control guidelines?
Lost or damaged data
Which file in the GLS Database is used for storing budget data by responsibility centers?
Budget Master File
To prevent errors, fraud, and misrepresentations in financial statements, what control measure is crucial according to the text?
Access controls
What type of reports are included in the GLS Reports section?
General ledger analysis, financial statements, and managerial reports
Test your knowledge of the components of a GLS database including the general ledger master file, general ledger history file, journal voucher file, journal voucher history file, responsibility center file, and budget master file. Understand the purpose and usage of each component in financial management.
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