Final answer:
The general ledger/financial reporting system (GL/FRS) takes information from the TPS and other input, organizes and records it to produce financial statements and reports. It helps businesses track and analyze their financial performance and ensures compliance with accounting principles. GL/FRS consolidates information and helps businesses make informed decisions.
Step-by-step explanation:
The general ledger/financial reporting system (GL/FRS) takes information from the TPS and other input and organizes and records it to produce financial statements and reports.
It serves as a central repository for all financial transactions and is a critical tool for businesses to track and analyze their financial performance. GL/FRS ensures that transactions are accurately recorded, classified, and summarized, following generally accepted accounting principles (GAAP).
By consolidating information from various sources, GL/FRS helps businesses make informed decisions, monitor their financial health, and comply with reporting requirements.