Week 10 | GL and FR cycle

Question 1

What are the objectives of the GL/FR cycle?

Answer 1

To synthesize and report data accurately representing the business events and activities

1. Budget estimates are accurately estimated and recorded
2. Transactional data is validated and correctly transferred
3. Adjusting journal entries are accurately recorded and independently authorised
4. Reports generated are well designed and contain relevant and accurate information

Question 2

What is the difference between accuracy and correctness

Answer 2

correct: being right or wrong
accuracy: degree of closeness to true value