Which of the following is not one of the general ledger and reporting activities? A. Updating the general ledger by posting entries from the accounting subsystems and treasurer B. Posting adjusting entries to the general ledger C. Preparation of managerial reports D. Recording entries in general journal

Which of the following is not one of the general ledger and reporting activities? A. Updating the general ledger by posting entries from the accounting subsystems and treasurer B. Posting adjusting entries to the general ledger C. Preparation of managerial reports D. Recording entries in general journal

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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Question

Which of the following is not one of the general ledger and reporting activities?

A. Updating the general ledger by posting entries from the accounting subsystems and treasurer

B. Posting adjusting entries to the general ledger

C. Preparation of managerial reports

D. Recording entries in general journal

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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