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Questions and Answers
The general ledger analysis includes comparison of account balances from prior periods.
The general ledger analysis includes comparison of account balances from prior periods.
True (A)
One of the potential risks in the GL/FRS is having credits not equal to debits.
One of the potential risks in the GL/FRS is having credits not equal to debits.
True (A)
The financial statements in the context include profit and loss statement.
The financial statements in the context include profit and loss statement.
False (B)
One of the financial goals discussed is proper preparation of journal entries.
One of the financial goals discussed is proper preparation of journal entries.
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The GL/FRS stands for General Ledger/Fiscal Reporting System.
The GL/FRS stands for General Ledger/Fiscal Reporting System.
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A chart of accounts is a detailed listing of transactions.
A chart of accounts is a detailed listing of transactions.
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One of the managerial reports mentioned is analysis of inventory.
One of the managerial reports mentioned is analysis of inventory.
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Improper access to the G/L is not listed as a potential risk in the GL/FRS.
Improper access to the G/L is not listed as a potential risk in the GL/FRS.
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Trial balances are not part of the general ledger analysis.
Trial balances are not part of the general ledger analysis.
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Comparing account balances from prior periods is solely done in financial statements.
Comparing account balances from prior periods is solely done in financial statements.
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