Exam 16: General Ledger and Reporting System

Marina Filimena is an accountant at Jasmina Hair Products.Marina received the following error message while making an adjusting entry to the general ledger: "The amounts debited and credited are not equal.Please correct and try again." This is an example of a

Communications technology and the Internet can be used to reduce the time and costs involved in disseminating financial statement information.Users of such financial information still struggle in that many recipients have different information delivery requirements and may have to manually reenter the information into their own decision analysis tools.The ideal solution to solve these problems and efficiently transmit financial information via the Internet is to use

What system privileges should an employee involved in the general ledger and reporting system be given?

Which of the following are appropriate controls for the general ledger and reporting system?

How is a balanced scorecard used to assess organizational performance?

Adjusting entries that are made to reflect differences between the actual and recorded value of an asset or a change in accounting principle are called

When updating the general ledger,sales,purchases,and production are examples of ________ entries,and issuance or retirement of debt and the purchase or sale of investment securities are examples of ________ entries.

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

The ________ is the managerial report that shows planned cash inflows and outflows for major investments or acquisitions.

One way of ensuring that recurring adjusting journal entries are made each month would be to

Which of the following balanced scorecard dimensions provides measures on how efficiently and effectively the organization is performing key business processes?

Performance reports for cost centers should compare actual versus budget ________ costs.

Who should provide the adjusting entries in a well-designed general ledger and reporting system?

Budgets used for internal planning purposes and performance evaluation should be developed on the basis of

A major way in which IFRS differs from GAAP that will affect the design of a company's general ledger and reporting system is an IFRS principle known as

Which type of graph is the most commonly used to display trends in financial data?

Adjusting entries that are made to recognize revenue that has been received but not yet earned are classified as

Which of the following is true about accounting for fixed assets?

It is important to verify that all temporary accounts have a zero balance at least two times during the time period covered by the financial statements.

Which of the following are used to document entries made to update the general ledger?