Which statement is not correct? The general ledger master file
A)is based on the firm's chart of account
B)contains a record for control accounts
C)is an output of the financial reporting system (FRS)
D)supplies information for management decision making

Question

Quizplus · Accepted Answer

The general ledger master file is not an output of the financial reporting system (FRS). Instead, it is an input to the FRS, providing the data necessary to generate financial statements and reports. The other statements are correct: the general ledger is based on the firm's chart of accounts, contains records for control accounts, and provides information for management decision making.

Which Statement Is Not Correct? the General Ledger Master File