Explain how the transaction cycles and the general ledger/financial reporting system interact with the conversion cycle.

Solutions

Expert Solution

The conversion cycle is the crux of each business; daily transactions from normal operations include pieces from the expenditure and payroll cycle to make up the conversion process. The goods purchased for the business are used by the personnel from payroll to earn the business cash. A large portion of accounting transactions will occur in this phase because of the repetitious conversion activities of business operations.

General Ledger System and Financial Reporting System (GLS/FRS) and (3) the Management Reporting System.These tools can be used to perform a wide range of analytical procedures on various financial data including general ledger entries, payroll and accounts payable data and trial balance calculations to flag outliers, miscalculations, or suspicious numerous organizations have now real-time updating of general ledger (GL) and financial reporting system (FRS) producing financial statements in the nick of time entries that might indicate the presence of fraud or misstatement

ekkarill92 answered 11 months ago

Next > < Previous

Related Solutions

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

Please, Complete the following information, with short answers: - General Ledger and Reporting Cycle: - What...

Please, Complete the following information, with short answers: - General Ledger and Reporting Cycle: - What is its Purpose? What are its Resources? What are its Documents? What are its Reports? What is its Information? What are its Activities? What are its Sub-Processes? Diagram the Process with the Input & Outputs?

There are three cycles in TPS. Revenue Cycle, Expenditure Cycle, Conversion Cycle. 1. Among the three,...

There are three cycles in TPS. Revenue Cycle, Expenditure Cycle, Conversion Cycle. 1. Among the three, which is internal controls most important and why? 2. In which of the three cycles is technology most importan? why?

1. Describe three threats in the general ledger and reporting system and identify corresponding controls for...

1. Describe three threats in the general ledger and reporting system and identify corresponding controls for each threat. 2. How is an audit trail used in the general ledger and reporting system? 3. Explain the benefits of XBRL.

A well-designed accounting information system should provide adequate controls in the general ledger and reporting system...

A well-designed accounting information system should provide adequate controls in the general ledger and reporting system (or any cycle) to ensure that control objectives are met. Discuss those control objectives.

Describe the purposes of the General Journal, General Ledger, Trial Balance, and Financial Statements, and how...

Describe the purposes of the General Journal, General Ledger, Trial Balance, and Financial Statements, and how they "flow into" each other. Feel free to cite sources and even include quotations 250 words or more

What are the similarities and differences between the Transaction Detail by Account and the General Ledger?

Figure 16-1 Context Diagram of the General Ledger and Reporting System Figure 16-2 Level 0 Data...

Figure 16-1 Context Diagram of the General Ledger and Reporting System Figure 16-2 Level 0 Data Flow Diagram of the General Ledger and Reporting Cycle (annotated to include threats) Figure 16-3 Typical Design of Online General Ledger and Reporting System

Discuss economic cycles, explain how these cycles happen, how government policy influences the cycles, explain an...

Discuss economic cycles, explain how these cycles happen, how government policy influences the cycles, explain an asset bubble of your choice, and analyze fiscal and monetary policy during the time of such bubble. YOU MAY NOT CHOOSE THE 2007 BUBBLE

Which of the following is NOT a purpose of the transaction processing system? a. managing and reporting on the status of financial investments b. converting economic events into financial ...

Which of the following is NOT a purpose of the transaction processing system?a. managing and reporting on the status of financial investmentsb. converting economic events into financial transactionsc. distributing essential information to operations personnel to support their daily operationsd. recording financial transactions in the accounting records

Subjects