An efficiency expert who was reviewing the steps in the accounting cycle suggested dropping the general journal

Question:

An efficiency expert who was reviewing the steps in the accounting cycle suggested dropping the general journal and recording and summarizing transactions directly into the general ledger instead. Comment on this suggestion.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting Tools for Business Decision Making

ISBN: 978-1118644942

6th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

See More Books

Question Posted: Jan 11, 2017 09:45 AM

See More Questions

The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 19 in the blank spaces. (a) _____ Prepare...
The steps in the accounting cycle are listed in random order. Fill in the blank next to each step to indicate its order in the cycle. The first step in the cycle is filled in as an example. Order...
The required steps in the accounting cycle are listed in random order below. List the steps in proper sequence. (a) Prepare a post-closing trial balance. (b) Prepare an adjusted trial balance. (c)...
"Your lumber company has bought a machine that automatically cuts lumber. the seller of the machine claims that the machine cuts lumber to a mean length of 7 feet (84 inches) with a standard...
List the reasons why external users use information about a companys (a) Economic resources and claims to these resources, (b) Comprehensive income and its components, and (c) Cash flows.
Equipment distributors play a role in the daily operations of food service operations. True or False? LO.1
Impute all missing values in the data set. Explain the ordering that you are using.
Refer to the data provided in E4A. In E4A. In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows. 1. Using the perpetual inventory system,...
Since the stock is worthless, would it be considered not be tax-deductible or would there be a capital loss? In early December 2019, a friend advised Miguel to buy stock in Pioneer Aviation, Inc....
The average fill volume of a regular can of soft drink is 12 ounces. Suppose the fill volume of these cans ranges from 11.97 to 12.03 ounces and is uniformly distributed. What is the height of this...
Meghan is recording the purchase of a truck in a journal entry and can't decide what account title to use for the truck. She is thinking about using "Truck Purchased," but she also likes the account...
(a) What is a general ledger? (b) In what order are accounts usually arranged in a general ledger?
A 120-V hair dryer has two settings; 850 W and 1250W. (a) At which setting do you expect the resistance to be higher? After making a guess, determine the resistance at (b) The lower setting; and (c)...
Arrow Company processes a food seasoning powder through its Compounding and Packaging departments. In the Compounding Department, direct materials are added at the beginning of the process, and...
The 2017 financial statements of LVMH Moet Hennessey Louis Vuitton S.A. are presented in Appendix C at the end of this book. LVMH is a Paris-based holding company and one of the world's largest and...
Repeat Problem 10.E1, except design a packed column using 1-in. metal Pall rings. Do the calculations at the top of the column. Approximate HETP for ethanol-water is $0.366 \mathrm{~m}$. At...
We are separating an ethanol-water mixture in a column operating at atmospheric pressure with a total condenser and a partial reboiler. Constant molal overflow (CMO) can be assumed, and reflux is a...
Corporate Social Responsibility Problem The Global Reporting Initiative (GRI) is a networkbased organization that has pioneered the development of the world's most widely used sustainability...
A small hole in a furnace acts like a blackbody. Its area is 1.00 cm 2 , and its temperature is the same as that of the interior of the furnace, 1727 C. How many calories are radiated out of the hole...
Don Griffin worked as an accountant at a local accounting firm for five years after graduating from university. Recently, he opened his own accounting practice, which he operates as a corporation....
Chen Wholesalers Ltd. incurred the following transactions related to current liabilities. 1. Chen's cash register showed the following totals at the end of the day on March 17: pre-tax sales $50,000,...
Dougald Construction Ltd. borrowed $250,000 from TD Bank on October 1, 2017, for a nine-month period; 5% interest is payable at maturity. Both companies have a December 31 year end and make adjusting...
WestJet Airlines Ltd. leases aircraft and, when doing so, the company must perform scheduled maintenance on these aircraft. Instructions (a) The company records a provision for aircraft maintenance...
ABC Corporation has an activity - based costing system with three activity cost pools - Machining, Setting Up , and Other. The company's overhead costs, which consist of equipment depreciation and...
Consolidated Balance Sheets - USD ( $ ) $ in Thousands Dec. 3 1 , 2 0 2 3 Dec. 3 1 , 2 0 2 2 Current assets: Cash and cash equivalents $ 9 8 , 5 0 0 $ 6 3 , 7 6 9 Restricted cash 2 , 5 3 2 Short -...
How does corporate governance contribute to investor confidence and stakeholder trust? Accounting

An efficiency expert who was reviewing the steps in the accounting cycle suggested dropping the general journal

Question:

Step by Step Answer:

This would not be efficient because the journal provides a re...View the full answer

Financial Accounting Tools for Business Decision Making

Students also viewed these Accounting questions