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

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 1 year ago

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