A subsidiary ledger is a ledger that includes all of the details of a general ledger‚ and it holds accounts with similar attributes. The purpose is that is can contain things such as accounts receivable and accounts payable and it can show the sum total. The advantages of using subsidiary ledgers is that the sum of all the accounts is kept in the General Ledger and all of the details of the accounts are kept in the subsidiary ledger which is separate so you can keep them in different columns so to
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8General Ledger‚ Financial Reporting‚ and Management Reporting Systems TRUE/FALSE 1. The most common means of making entries in the general ledger is via the journal voucher. ANS: T PTS: 1 2. Individuals with access authority to general ledger accounts should not prepare journal vouchers. ANS: T PTS: 1 3. The journal voucher is the document that authorizes entries to be made to the general ledger. ANS: T PTS: 1 4. Each account in the chart of accounts has a separate record in the general ledger master
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Save Reset Print Name(s): Course & Selection: Identifier: Client: Rachel Song BCIS6243B2 GBI-034 659 Chapter 03: Financial Accounting Exercise 03-02: Basic Financial Accounting Process Single Company Code Version 1 Rev: 01/03/2011 Introduction General Notes and Information It is strongly recommended that you read through the entire exercise prior to starting. Not all instructions can be provided in a linear manner. The following symbols are used to indicate important information
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16 GENERAL LEDGER AND REPORTING SYSTEM SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 16.1 Although XBRL facilitates the electronic exchange of financial information‚ some external users do not think it goes far enough. They would like access to the entire general ledger‚ not just to XBRL-tagged financial reports that summarize general ledger accounts. Should companies provide external users with such access? Why or why not? No‚ companies should not provide access to their general ledger. Providing
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Completed Exercise 4.1 TABLE 4.9 Journal of the Portland After School Program July 1‚ 20XX–December 31‚ 20XX (a) July 1‚ 20XX— Received unrestricted donation check in the amount of $15‚000 from the Multnomah County Department of Health and Human Services. Debited Cash $15‚000 Credited Revenue $15‚000 (b) July 19‚ 20XX—Paid Great Northwest Insurance Company $9‚000 for six more months of fire and liability insurance coverage. Debited prepaid insurance $9‚000 Credited
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The Business Benefits of a General Ledger Migration at W.R. Grace & Co. Ed Taylor Mgr‚ SAP Global Financial Team May 6‚ 2008 Agenda Introduction and Speaker Biography W.R. Grace & Co. Background Business Drivers for GL Migration Best Practices / Project Methodology SAP Engagement Model Successful Outcome Lessons Learned SPPHIRE 08 OR4133 Introduction and Speaker Biography Edward Taylor Manager‚ SAP Global Financial Team Eleven years SAP experience SAP certified – FI-CO
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A Delima Mustapa Kamal Mohd Razali AiniAman AzbirAbu Bakar Yasmiza Long It was July‚ 2006 when Encik Zayed engaged the extemal Auditor Aziz & Co (Chartered Accountant)‚ introduced by his friend to perform the statutory audit for the period 2003 to 2006.That was the first audit experience for Encik Zayed and Puan Hashimah and it was a difficult leaming experience. The Auditors expressed their intention to qualiff the Financial Statements due to several unresolved issues. However‚ Encik Zayed
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Chapter 15 Managing Global Systems LEARNING OBJECTIVESS After reading this chapter‚ you will be able to answer the following questions: 1. What major factors are driving the internationalization of business? 2. What are the alternative strategies for developing global businesses? 3. How can information systems support different global business strategies? 4. What are the challenges posed by global information systems and management solutions for these challenges? 5. What are the issues and
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INTERNAL CONTROL CASES 1. Solution Smith’s Market a)‚ b) See diagrams on the following pages. c) Internal Control Weaknesses 1) Access to the cash drawers by sales clerks requires more accountability. Each drawer is accessed by various clerks throughout the day and cash may be withdrawn by any of them. 2) The internal cash register tape should be used as a control to determine how much cash (including checks‚ and credit card vouchers) should be in the register drawer. 3) The shift
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UST Company UST Company is a retail company located in Hong Kong. This case contains information about the company’s accounting records and activities for 2016. The owner of the company has asked you to use this information to generate the company’s 2016 financial statements according to the International Financial Reporting Standards (“IFRS”). Requirements: A. Create an accounting equation worksheet for UST Company. This worksheet should include all the accounts listed in the company’s chart of
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