10 Questions
The general ledger analysis includes comparison of account balances from prior periods.
True
One of the potential risks in the GL/FRS is having credits not equal to debits.
True
The financial statements in the context include profit and loss statement.
False
One of the financial goals discussed is proper preparation of journal entries.
False
The GL/FRS stands for General Ledger/Fiscal Reporting System.
False
A chart of accounts is a detailed listing of transactions.
False
One of the managerial reports mentioned is analysis of inventory.
False
Improper access to the G/L is not listed as a potential risk in the GL/FRS.
False
Trial balances are not part of the general ledger analysis.
False
Comparing account balances from prior periods is solely done in financial statements.
False
Explore the concept of responsibility accounting, where economic events of an organization are assigned to individual managers for accountability. Learn how responsibility-area managers are held responsible for items under their control.
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