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Pkg Acc Infor Systems MS VISIO CD

10th Edition
Ulric J. Gelinas
Publisher: CENGAGE L
ISBN: 9781133935940

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Pkg Acc Infor Systems MS VISIO CD

10th Edition
Ulric J. Gelinas
Publisher: CENGAGE L
ISBN: 9781133935940
Chapter 16, Problem 5DQ
Textbook Problem
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“Defining the codes for a chart of accounts is no big deal—nothing is permanent—I can change it at any time in the future.” Why do you agree (or disagree) with this statement?

Summary Introduction

“Defining the codes for a chart of accounts is no big deal-nothing is permanent-I can change it at any time in the future.”

To explain: If Person X agrees or disagrees with the statement.

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 of Solution

The view of Person X:

Assigning the chart of accounts is not permanent, but making modifications is difficult. The selections available are to set a data and modify the future entries. The retroactive changes are done at the database level and enterprise system will not allow any user to retroactively change the general ledger accounts postings...

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