To maintain adequate records and documents in a manual general ledger system, there are two important requirements.These are:
A)A well-defined chart of accounts & adequate general ledger
B)An adequate audit trail & adequate internal controls
C)A well-defined chart of accounts & adequate audit trail
D)An adequate general ledger & adequate internal controls

Question

Quizplus · Accepted Answer

The first requirement is to have a well-defined chart of accounts, which is essential to categorize and organize transaction data. The second requirement is an adequate audit trail, which is necessary to ensure that each transaction is traceable from the original source document to the financial statements. Internal controls are important, but they are not specifically related to maintaining records and documents in a manual general ledger system. Therefore, C is the best choice as it includes both essential requirements.

To Maintain Adequate Records and Documents in a Manual General