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In: Accounting

The following contains the various steps of the financial reporting process. Arrange them in proper order...

The following contains the various steps of the financial reporting process. Arrange them in proper order and indicate whether each step is a function of the TPS, GLS pr FRS.,

*Record transaction in special journal.

*Make adjusting entries.

*Capture the transaction.

*Prepare the postclosing trial balance.

*Prepare the adjusted trial balance.

*Prepare the sales invoices.

*Prepare the financial statements.

*Journalize and post the adjusting entries.

*Post to the subsidiary ledger.

*Post to the general ledger.

*Issue Official Receipts.

*Journalize and post the closing entries.

*Prepare the unadjusted trial balance.

Solutions

Expert Solution

*Capture the transaction. - FRS

*Record transaction in special journal. - TPS

*Prepare the unadjusted trial balance.

*Make adjusting entries.

*Prepare the adjusted trial balance.

*Post to the general ledger. - GLS

*Post to the subsidiary ledger. - GLS

*Issue Official Receipts.

*Prepare the sales invoices.

*Prepare the postclosing trial balance.

*Journalize and post the adjusting entries. - TPS

*Journalize and post the closing entries.-TPS

*Prepare the financial statements. - FRS

Transaction processing systems (TPS) process the company's business transactions and thus support the operations of an enterprise. A TPS records a non-inquiry transaction itself, as well as all of its effects, in the database and produces documents relating to the transaction.

The General Ledger System (GLS) developed by Legler Systems in California (CA) is based on the client-server model and supports many special features for handling the general ledger and financial reporting functions in small businesses and midsize companies.

FRS 18 defines accounting policies as 'those principles, bases, conventions, rules and practices applied by an entity that specify how the effects of transactions and other events are to be reflected in its financial statements'. ... These policies should then be reviewed regularly to ensure that they remain appropriate.

ekkarill92 answered 1 year ago
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