What is the purpose of the general ledger

Assignment Help Managerial Accounting

Reference no: EM132667245

Problem 1: What is the purpose of the General Ledger?

Option 1: To give investors a snapshot of the financial status of a company

Option 2: To summarize the transactions in journals by account balances

Option 3: To record transactions for journals affecting the General Accounts

Option 4: To itemize account balances for each customer

Problem 2: The primary reason for a flowchart is to prepare:

Option 1: A sequential order to documents

Option 2: A diagram that graphically depicts a company's documents and records

Option 3: A flow of how internal control is performed

Option 4: A symbol for every document in the Chart of Accounts

Problem 3: In the Sales Cycle, a bill of lading is used when:

Option 1: Shipping goods

Option 2: Receiving an order from a customer

Option 3: Recording in a sales journal

Option 4: Posting to General Ledger

Problem 4: In the Acronym ARCS, A stands for:

Option 1: Admittance

Option 2: Allocation

Option 3: Accounts

Option 4: Authorization

Reference no: EM132667245

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