The main objective of the general ledger and financial reporting cycle is to:

Select one:

a. create trial balance of various accounts as well as adjusted trial balances.

b. perform bank reconciliation to verify independently the balances of the cash-based general ledger accounts.

c. synthesise and report data that accurately represents business transactions and activities.

d. all of the options are correct.

8. To decide whether a payment should be made to a supplier, an accounts payable clerk should:

Select one:

a. Be involved in the interaction with suppliers of the goods during the purchasing phase

b. Examine the receiving report.

c. Search for any unpaid invoices from that supplier.

d. Ensure there are on-going good relationships with suppliers.

Inputs to a general ledger and financial reporting processes typically include all of the following except:

Select one:

a.adjusted trial balance

b.finalised budget

c.adjusting entry journal voucher

d.IFRS-based financial statements

Financial reports generated in the general ledger and financial reporting cycle is used by:

Select one:

a.investors.

b.external regulators.

c.managers within the organisation.

d.all of the options are correct.