For this reason the material master record may be described as the most

For this reason the material master record may be

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For this reason, the material master record may be described as the “most integrated” data record within SAP and thus contains a large volume of individual data attributes. 2. The objective of reliable financial reporting can be broken down further into common transaction-related control objectives. What are these four common transaction-related control objectives? A particular transaction is properly authorized (i.e., should have occurred). A particular transaction is valid (i.e., did occur). A particular transaction is recorded (i.e., the transaction has been posted in the records). A particular transaction is recorded accurately (such as correct account; amounts, including any necessary reevaluations; dates; etc. being updated in records). 3. What is the purpose of a reconciliation account such as the AP Recon account created in exercise MM01? In order for the general ledger accounts for receivables and for payables to reflect the total of the accounts in the respective subsidiary ledgers, a linkage
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between the subsidiary ledgers and their respective general ledger accounts is created. The general ledger reconciliation accounts is automatically updated when transactions are recorded in their respective associated subsidiary ledgers. Therefore, in the general ledger the amount shown for Accounts Payable is the total of all of the individual vendor accounts in the accounts payable subsidiary ledger. Paste the required screenshots below.
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