Identify the most correct statement with regard to how the various accounting subsystems update the general ledger
A) Individual journal entries for each accounting subsystem transaction update the general ledger every 24 hours.
B) Summary journal entries that represent the results of all transactions for a certain time period are used to update the general ledger.
C) The controller or treasurer must approve accounting subsystem journal entries before any updating may occur.
D) Nonroutine transactions are entered into the system by the treasurer's office.
Answer: B
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Which of the following are key components of an informal proposal? Check all that apply.
Background, problem, and purpose Budget Authorization request Proposal, plan, and schedule
Axler Inc., an American firm had entered into a business agreement with M.K. Group of Manufacturers. Recently they had a major dispute over the terms of the agreement. Both firms decided informally to resolve the dispute by appealing to an independent tribunal to mediate their differences. Which of the following dispute resolution methods is being used by the companies in the above scenario?
A. litigation B. informal settlement C. arbitration D. conciliation E. coercion