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Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127

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BuyFindarrow_forward

Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127
Textbook Problem

In the real world, what problems might an organization face in performing interim closings? For example, the books might be left open after a December 31 closing until auditing adjusting entries are made in March or April. During the same period, interim financial statements for the new year are required. Can you suggest any solutions for those problems? Discuss fully.

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.

Explanation

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

The term “interim closings” is a process of developing the interim financial statements at irregular times in a year. Organizations must provide meaningful statements with accurate information without affecting the daily activities of the organization. Some of the possible problems that could occur are:

  • Timely subprocess closings.
  • The knowledge of processing regular events with the books that are open from a prior period.
  • There are extra workloads on the operation workers who are incharge to report the process events of the closings process...

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