Chapter 16, Problem 3DQ

Summary Introduction

To explain: The problems faced by an organization during interim closings and the solutions to those problems.

Introduction:

General ledger/business reporting process (GL/BR):

General ledger can be defined as the central data repository needed to develop the business reports. The business reports and other forms of information generation are all derived from the general ledger data repository. The GL/BR process is considered as a central activity of the accounting information systems.