PBL SESSION 5: GENERAL LEDGER AND REPORTING SYSTEMS

a. Adjusting entries need to be made prior to finalizing on the financial statements. Explain on the five basic categories of adjusting entries. (10 marks)

b. One of the activities in the General Ledger & Reporting System is to produce managerial report. But there also exist corresponding threat when producing managerial report that is in the form of poorly designed reports and graphs. Briefly explain on the controls needed to encounter the threat mentioned above. (5 marks)

(TOTAL: 15 MARKS)