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). It is an essential component of the accounting system, which provides a detailed record of all financial transactions of a company. The General Ledger (GL) master file maintains a record of all the accounts managed by a company. It is based on the firm's chart of accounts and contains a record for control accounts. The GL master file provides information for management decision making, allowing managers to make informed decisions about the company's financial position.

Which Statement Is Not Correct? the General Ledger Master File