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US GAAP "Financial reporting "

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You have been running a sole-proprietorship business dealing in cosmetic products. You have been accurately recording all your sale and purchase transactions in journals and using the journals in the general ledger accounts. Lately, you have observed that the entire exercise is taking a lot of time. You, therefore, are considering recording the transactions directly into the general ledger accounts. Is this ethical, and will you be following the accounting norms if you undertake such a step? Why or why not? Discuss.

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You have been running a sole-proprietorship business dealing in cosmetic products. You have been accurately recording all your sale and purchase transactions in journals and using the journals in the general ledger accounts. Lately, you have observed that the entire exercise is taking a lot of time. You, therefore, are considering recording the transactions directly into the general ledger ...

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Solution explains US GAAP "Financial reporting

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