which of the following statement is correct relative to posting with use of special journals? A. The general ledger posting has to be ahead of subsidiary legder posting. B. The subsidiary ledger posting has to be ahead of general legder posting. C. The general ledger has to be coincide with the subsidiary ledger posting D. No subsidiary ledger posting is necessary

which of the following statement is correct relative to posting with use of special journals? A. The general ledger posting has to be ahead of subsidiary legder posting. B. The subsidiary ledger posting has to be ahead of general legder posting. C. The general ledger has to be coincide with the subsidiary ledger posting D. No subsidiary ledger posting is necessary

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter8: Financial Reporting And Management Reporting Systems

Section: Chapter Questions

Problem 2MCQ

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10. Which of the following statement is correct relative to posting with use of special journals? A. The general ledger posting has to be ahead of subsidiary ledger posting. B. The subsidiary ledger posting has to be ahead of general legder posting. C. The general ledger has to be coincide with the subsidiary ledger posting D. No subsidiary ledger posting is necessary
Which special journals also require an entry to a subsidiary ledger?
Which of the following is false? Select one: a. Recording transactions in separate special journals provides users with a more efficient system and access to specific information. b. Source documents provide evidence for journal entries, which are then posted to the general ledger accounts. c. The opening balances from the general ledger accounts are used to create a trial balance, the financial statements and other reports. d. All of the choices are true
Reconciliations of the General Ledger Control Accounts to the Subsidiary Ledgers are an example of A. Data entry controls B. Output controls C. Logical access controls D. Segregation of duties
Which of the following statements is true?a. Journal vouchers detailing transaction activity flow from various operational departments into the GLS, where they are independently reconciled and posted to the journal voucher history file. b. Journal vouchers summarizing transaction activity flow from the accounting department into the GLS, where they are independently reconciled and posted to the general ledger accounts. c. Journal vouchers summarizing transaction activity flow from various operational departments into the GLS, where they are independently reconciled and posted to the general ledger accounts. d. Journal vouchers summarizing transaction activity flow from various operational departments into the GLS, where they are indepen dently reconciled and posted to the journal voucher history file.
What are reverse journal entries? Are these required by GAAP?
Which task should the general ledger perform?a. update the general ledgerb. prepare journal vouchersc. have custody of physical assetsd. have record-keeping responsibility for special journals of subsidiary ledgers
Which of the following statements is NOT CORRECT relative to source documents? a. The internally generated source documents are verified as authorized and approved. b. They may be internally generated or received from different outside parties. c. The source documents received from outside parties d. numbered in series.
In a relational database environment, certain accounting records (for example, journals, subsidiary ledgers, and event general ledger accounts) may not exist. How is this possible?
Which of the following is often called a compensating control?a. transaction authorizationb. supervisionc. accounting recordsd. independent verification
A branch that maintains a general ledger is said to use a(n) accounting system? A. DecentralizedB. All of the aboveC. AuthoritarianD. Centralized
What control system and subsidiary accounts should be included in Ermler & Trump’s manual accounting system? Why?