Chapter%2014 - CHAPTER 14 GENERAL LEDGER AND REPORTING...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 14 GENERAL LEDGER AND REPORTING SYSTEM SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 14.1 No, companies should not provide access to their general ledger. Providing external users access to a company’s general ledger opens the company up to significant competitive and financial risk. 14.2 XBRL for General Ledger (XBRL-GL) will likely affect the role of accountants is a significant way. In that the principle role of the organizational accountant is to prepare accounting information for decision makers, XBRL-GL will enable accountants to capture, record and present accounting data in format that can be easily and conveniently transferred between various computer systems. XBRL-GL reduces or eliminates the inefficiencies of different and non-integrated accounting systems by using the Extensible Markup Language (XML). Anything that is found in a chart of accounts, journal entries or historical transactions that can be transmitted from one location to another can be accessed and utilized with XBRL-GL. XBRL-GL does not require a standardized chart
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/02/2010 for the course ACCT 5457 taught by Professor Polm during the Fall '10 term at Rensselaer Polytechnic Institute.

Page1 / 2

Chapter%2014 - CHAPTER 14 GENERAL LEDGER AND REPORTING...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online