Question

Linked accounts provide all but one of the following controls - A) amounts cannot be entered incorrectly B) required linked accounts must be defined C) the program automatically updates the corresponding general ledgers D) there is no need to enter the information twice

Answer 1

Linked accounts provide controls such as validation, required definitions, and automatic updates to financial records, eliminating the need for duplicate entries.

Step-by-step explanation:

Linked accounts provide several controls in managing financial transactions.

A) Amounts cannot be entered incorrectly, as the program will validate the input based on predefined rules and restrictions.

B) Required linked accounts must be defined, ensuring that all necessary accounts are included and preventing any inaccurate or incomplete records.

C) The program automatically updates the corresponding general ledgers, ensuring that all transactions are reflected accurately and consistently in the financial records. This eliminates the need for manual updates or reconciliations.

D) There is no need to enter the information twice. Once the linked accounts are established, transactions and data entered in one account will automatically update and reflect in the related accounts, reducing duplication of effort.