Business Records

How might a poor set of recording procedures affect the flow of information to management?

Why should management be concerned about the efficiency of a firm's procedures for journalizing and posting transactions?

Why should management insist that a firm's accounting system have a strong audit trail?

The owner of a new business recently questioned the accountant about the value of having both a journal and a ledger. The owner believes that it is a waste of effort to enter data about transactions in two different records. How would you explain the value of having both records?