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Which best describes an on-line real-time process

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Reference no: EM131752627

1. Preaparation of the unadjusted trial balance is the final step before the issuance of the financial statements.
True
False

2. An XBRL instance document is

a. A tag stored in each database record
b. The document format used to produce web pages
c. A classification scheme
d. The final product (report)

3. Which best describes an on-line real-time process General Ledger System (GLS)

there is no time lag between transaction processing and posting to the general ledger
paper-documents are used
trial balances are eliminated
only balance sheets can happen in real-time

4. It is ok for the GL accountants to also be responsible for subsidiary legers.
True
False

5. Select the best order of words to complete this sentence.
In the general month-end closing process journals are first _________ and they are _________ to the general ledger.

a. recorded, recorded
b. posted, recorded.
c. recorded, posted
d. posted, posted

Reference no: EM131752627

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