The general ledger process is concerned with preparing external financial statements, ensuring they conform to GAAP, generating Web-based forms of key financial statement and related business reporting via the Internet, and supporting the generation of both ad hoc and predetermined business reports.

Question

Quizplus · Accepted Answer

The general ledger process primarily focuses on recording and summarizing financial transactions of a business, ensuring accuracy and completeness for internal management and external reporting. The preparation of external financial statements and ensuring conformity to GAAP are part of the financial reporting process, which uses information from the general ledger. Generating web-based forms and supporting business reports, while they may utilize data from the general ledger, are not its primary concerns.

The General Ledger Process Is Concerned with Preparing External Financial