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Flashcards in Chapter 8 Deck (10)
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0
Q

Which item below is not considered a major input to the general ledger and reporting system

A

Reports from managers

1
Q

The general ledger and reporting system consists of the —involved in — the general ledger and — reports

A

Information processing, updating, creating

2
Q

Who provides the adjusting entries for a well designed general ledger and reporting system

A

The controllers area

3
Q

The general ledger and reporting system is designed to provide information for which of the following user groups

A

All of the above

  • internal users
  • external users
  • inquiry processing by internal or external users
4
Q

When updating the generals ledger, sales, purchases, and production are examples of—- entries, and issuance or retirement debt and the purchase or sale of investment securities are examples of — entries

A

Accounting subsystem, and treasure originated

5
Q

Entries to update the general ledger are often documented by which of the following

A

Journal vouchers

6
Q

Adjusting entries that reflect events that have already occurred, but for which no cash flow has taken place are classified as

A

Accurals

7
Q

An adjusting entry made at the end of an accounting period that reflects the exchange of cash prior to performance of a related event is classified as an

A

Deferral entry

8
Q

Immediately after the adjusting entries are posted, the next step in the general ledger and reporting system is to prepare

A

An adjusted trial balance

9
Q

Financial statements are prepared in a certain sequence. Which statement is prepared last in the sequence?

A

The statement of cash flows