conte7150121 QUESTION 7 What is the purpose of the General Ledger? O To give investors a snapshot of the financial status of a company O To summarize the transactions in journals by account balances O To record transactions for journals affecting the General Accounts O To itemize account balances for each customer QUESTIONS The primary reason for a flowchart is to prepare: O A sequential order to documents O A diagram that graphically depicts a company's documents and records O A flow of how internal control is performed A symbol for every document in the Chart of Accounts QUESTION 9 In the Sales Cycle, a bill of lading is used when: O Shipping goods Receiving an order from a customer Recording in a sales journal O Posting to General Ledger QUESTION 10 In the Acronym ARCS, A stands for: O Admittance O Allocation O Accounts O Authorization