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WorksheetsGL/FRS and XBRL Activity
Total questions: 10
Worksheet time: 5mins
Entries into the GLS can be made using information from
the general journal
a journal voucher which represents a summary of similar transactions
a journal voucher which represents a single, unusual transaction
all of the above
Which statement is not correct? The general ledger master file
is based on the firm's chart of accounts
contains a record for control accounts
is an output of the FRS
supplies information for management decision making
What type of data is found in the general ledger master file?
a chronological record of all transactions
the balance of each account in the chart of accounts
budget records for each account in the chart of accounts
subsidiary details supporting a control account
Which steps in the Financial Accounting Process are in the correct sequence?
record the transaction, post to the ledger, prepare the adjusted trial balance, enter adjusting entries, prepare FS
record the transaction, prepare the unadjusted trial balance, record adjusting journal entries, record closing entries, prepare FS
record the transaction, post to the ledger, record adjusting entries, prepare the unadjusted trial balance, prepare FS
record the transaction, post to the ledger, prepare the adjusted trial balance, prepare FS, record closing entries
Which situation indicates an internal control risk in the GL/FRS?
the employee who maintains the cash journal computes depreciation expense
the cash receipts journal voucher is approved by the Treasurer
the cash receipts journal vouchers are prenumbered and stored in a locked save
the employee who maintains the cash receipts journal records transactions in the accounts receivable sub ledger
The most common means of making entries in the GL is via the journal voucher
TRUE
FALSE
The journal voucher is the document that authorizes entries to be made to the general ledger
TRUE
FALSE
XBRL is a language that facilitates the exchange of financial statements over the Internet.
TRUE
FALSE
The SEC requires that all companies must file their financial reports electronically using XBRL.
TRUE
FALSE
Which of the statements below is false regarding extensible business reporting language (XBRL)?
Many experts feel that XBRL will replace EDI.
XBRL is in effect a narrower standard than the ANSI X.12 standard for EDI.
The SEC allows use of the XBRL format.
XBRL facilitates the exchange of business documents over the Internet.
