1. Is it necessary to analyse the overall General Ledger as part of the Accounting process...

1. Is it necessary to analyse the overall General Ledger as part of the Accounting

process in a business? Discuss.

2. Now that we have completed basic financial transaction analysis manually and

through MYOB, discuss your thoughts on wholly adopting an electronic

Accounting software by a business to analyse the General Ledger?

Expert Solution

1)Is it necessary to analyse the overall General Ledger as part of the Accounting process in a business?

Yes, as the ledger provides a complete record of financial transactions over the life of the business. The ledger holds account information that is needed to prepare financial statements and includes accounts for assets, liabilities, owners' equity, revenues and expenses. General ledger analyse ensures that accounts contained in the general ledger are correct.

2)Now that we have completed basic financial transaction analysis manually and through MyOB, discuss your thoughts on wholly adopting an electronic accounting software by a business to analyze the General Ledger?

Electronic accounting software improves the reporting process, MYOB provide flexible reporting, reports can be customised, as for general ledger, specific ledger or any ledger account can be obtained, providing up-to-date information for making business decisions.

ekkarill92 answered 1 year ago

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