Which of the following best defines the Accounting Data Standards: Inventory Subledger?
A) focuses on sales orders, accounts receivable, shipments, invoices, cash receipts and adjustments to accounts.
B) identifies data needed for purchase orders, goods received, invoices, payments, and adjustments to accounts.
C) adds the chart of accounts, source listings, trial balance, and GL (journal entry) detail.
D) defines product master data, location data, inventory on hand data, and inventory movement.

Question

Quizplus · Accepted Answer

The Accounting Data Standards: Inventory Subledger defines the inventory related data such as product master data, location data, inventory on hand data, and inventory movement. Option A describes the Accounts Receivable Subledger, Option B describes the Accounts Payable Subledger, and Option C describes the General Ledger.

Which of the Following Best Defines the Accounting Data Standards