Chapter 16, Problem 5DQ

Summary Introduction

“Defining the codes for a chart of accounts is no big deal-nothing is permanent-I can change it at any time in the future.”

To explain: If Person X agrees or disagrees with the statement.

Introduction:

General ledger/business reporting process (GL/BR):

General ledger can be defined as the central data repository needed to develop the business reports. The business reports and other forms of information generation are all derived from the general ledger data repository. The GL/BR process is considered as a central activity of the accounting information systems.