The general ledger process comprises all of the following except:
A) providing information for financial reporting
B) servicing the needs of managerial reporting
C) classifying data by general ledger accounts
D) ensuring that the external financial statements conform to GAAP

Question

Quizplus · Accepted Answer

The general ledger process is primarily focused on recording financial transactions and classifying data by general ledger accounts in order to provide accurate financial information for both external financial reporting and managerial reporting. However, ensuring that the external financial statements conform to GAAP is typically the responsibility of the company's accounting and finance function as a whole, rather than just the general ledger process. Therefore, option D - ensuring that the external financial statements conform to GAAP - is not typically considered part of the general ledger process.

The General Ledger Process Comprises All of the Following Except