Which one of the following four general ledger activities is not concerned with the preparation of traditional financial statements?
A)Post adjusting entries
B)Produce managerial reports
C)Update general ledger
D)Prepare financial statements

Question

Quizplus · Accepted Answer

Producing managerial reports is not directly related to the preparation of traditional financial statements such as the balance sheet, income statement, and cash flow statement. Managerial reports are for internal use and generally focus on specific aspects of the business such as sales by product line, expenses by department, or inventory levels. The other activities listed (post adjusting entries, update general ledger, and prepare financial statements) are all directly related to traditional financial statement preparation.

Which One of the Following Four General Ledger Activities Is