The main objective of the general ledger and financial reporting cycle is to:
A)Create a trial balance of various accounts as well as adjusted trial balances.
B)Perform bank reconciliation to verify independently the balances of the cash-based general ledger accounts.
C)Synthesise and report data that accurately represents business transactions and activities
D)All of the options are correct.

Question

Quizplus · Accepted Answer

The main objective of the general ledger and financial reporting cycle is to synthesise and report data that accurately represents business transactions and activities. While options A and B are important steps within this process, they are not the main objective. Option D is incorrect as not all options are correct.

The Main Objective of the General Ledger and Financial Reporting