ACC 320 Final Exam || with 100% Verified Solutions.

general ledger correct answers Contains detailed monetary information Includes the assets, liabilities, owners' equity, revenues, and expenses of the company steps in the accounting cycle correct answers 1 record transaction in a journal 2 post journal entries to a ledger 3 prepare an unadjusted trial balance 4 record and post adjusting journal entries 5 prepare an adjusted trial balance 6 prepare financial statements 7 record and post closing journal entries 8 prepare a post-closing trial balance Business Process correct answers -Collection of activities -Creates value for organization -AIS collects and reports data related to processes The Sales Process correct answers -Begins with customer order -Ends with collection of cash Objectives of Sales Process correct answers -Tracking sales of goods and/or services to customers -Filling customer orders -Maintaining customer records -Billing customers for goods and services -Collecting payment for goods and services -Forecasting sales and cash receipts Objectives of the Purchasing Process correct answers -Tracking purchases of goods and/or services from vendors -Tracking amounts owed -Maintaining vendor records -Controlling inventory -Making timely and accurate vendor payments -Forecasting purchases and cash outflows Fixed Asset Management Objectives correct answers -Tracking purchases of fixed assets -Recording fixed asset maintenance -Valuing fixed assets -Allocating fixed asset costs (recording depreciation) -Tracking disposal of fixed assets Production Process Objectives correct answers -Track purchases and sales of inventories -Monitor and control manufacturing costs