Identify the most correct statement with regard to how the various accounting subsystems update the general ledger.
A)Individual journal entries for each accounting subsystem transaction update the general ledger every 24 hours.
B)Summary journal entries that represent the results of all transactions for a certain time period are used to update the general ledger.
C)The controller or treasurer must approve accounting subsystem journal entries before any updating may occur.
D)Nonroutine transactions are entered into the system by the treasurer's office.

Question

Quizplus · Accepted Answer

The most correct statement with regard to how the various accounting subsystems update the general ledger is that summary journal entries that represent the results of all transactions for a certain time period are used to update the general ledger. This is because summary journal entries allow for easier consolidation of information and a more efficient updating process. The other statements are incorrect as they do not accurately reflect the typical updating process of the general ledger.

Identify the Most Correct Statement with Regard to How the Various