3.Ledger or posting contributes to therecording process because it discloses thecomplete effect of a transaction, provides achronological record of transactions, andhelps to prevent or locate errors because thedebit and credit amounts can be readilycomparedtruefalse4.Although primary users of FinancialAccounting information are the external usersand for Managerial Accounting are theinternal users; both branches of accountingneed to be audited by CPAStruefalse5. Posting helps to transfer the journal entriesto ledger accounts which are comprised ofthe entire group of accounts maintained by acompany.TrueFalse

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3.Ledger or posting contributes to the recording process because it discloses the complete effect of a transaction, provides a chronological record of transactions, and helps to prevent or locate errors because the debit and credit amounts can be readily compared true false

3.Ledger or posting contributes to the recording process because it discloses the complete effect of a transaction, provides a chronological record of transactions, and helps to prevent or locate errors because the debit and credit amounts can be readily compared true false

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.

Question

3.Ledger or posting contributes to the
recording process because it discloses the
complete effect of a transaction, provides a
chronological record of transactions, and
helps to prevent or locate errors because the
debit and credit amounts can be readily
compared
true
false
4.Although primary users of Financial
Accounting information are the external users
and for Managerial Accounting are the
internal users; both branches of accounting
need to be audited by CPAS
true
false
5. Posting helps to transfer the journal entries
to ledger accounts which are comprised of
the entire group of accounts maintained by a
company.
True
False

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