The general ledger and financial reporting cycle ________.
A)Summarises,adjusts,and reports on data from all previous operational cycles.
B)Summarises,adjusts,and reports on data from all current operational cycles.
C)Creates,adjusts,and summarises on data from all previous operational cycles.
D)Creates,adjusts,and summarises on data from all current operational cycles.

Question

Quizplus · Accepted Answer

The general ledger and financial reporting cycle is responsible for summarizing, adjusting, and reporting on data from all previous operational cycles. It is the final stage in the accounting cycle and is used to produce financial statements that can be used for decision-making purposes by both internal and external stakeholders. Therefore, choice A is the correct answer.

The General Ledger and Financial Reporting Cycle ________