Explain the role that the GL plays in reducing the risk of inaccurately recording transactions in journals and ledgers
The GL function provides an important independent verification in the system by verifying that the total obligations recorded equal the total inventories received and that the total reductions in AP equals the total disbursements of cash.
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The primary reason for building a database, coding the information, and data mining is to use the output to build programs that will boost sales revenues
Indicate whether the statement is true or false
In its accrual basis income statement for the year ended December 31 . 2014, Braxton Company reported revenue of $3,500,000 . Additional information is as follows: Accounts receivable--December 31 . 2013 ............... $ 650,000 Net income for 2011 .................................. 140,000 Accounts receivable--December 31 . 2014 ............... 1,010,000 Nelson should report cash collected from
customers in its 2014 statement of cash flows (direct method) in the amount of a. $3,760,000. b. $3,380,000. c. $3,100,000. d. $3,140,000.
Transactions are listed in the journal chronologically
Indicate whether the statement is true or false
List three examples of order-taking elements in order entry
What will be an ideal response?