Discuss the difference between the financial reporting system and general ledger system.

Expert Solution

The General Ledger System (GLS) summarizes all of the transaction cycle activity and general journal entries. The GLS provides most of the input in the Financial Reporting System (FRS). The FRS communicates information from the GLS to the external users. The FRS often collects additional pieces of information other than that which is found in the GLS. An example of this is when a pending lawsuit is likely to be settled in the next year. The GLS would not have this information.

An example of this is when a pending lawsuit is likely to be settled in the next year. The GLS would not have this information.

Junaid answered 10 months ago

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