Microsoft GP 10.0 Financials Set 2

1.

The Accounting Manager is getting ready to complete year-end procedures in General Ledger. What options are available for closing to retained earnings at fiscal year-end? Choose the 3 that apply.

Close to a divisional retained earnings account. Close to a single retained earnings account. Close to a single variable allocation account which allows retained earnings to be split between a group ofposting accounts. Close to a single fixed allocation account which allows retained earnings to be split between a group ofposting accounts.

2.

Which type of accounts can be used as breakdown accounts when a variable allocation account is set up? Choose the 2 that apply.

Unit Accounts Posting Accounts Fixed Allocation Accounts Other Variable Allocation Accounts

3.

Which of the following is a requirement when setting up a variable allocation account?

All breakdown accounts must be unit accounts. Distribution percentages must be entered for each breakdown account. All breakdown accounts must be posting accounts. The distribution accounts must be either all posting accounts or all unit accounts.

4.

The Reconcile to GL feature is used to help with reconciling which of the following subsidiary modules to control accounts in General Ledger? Choose the 2 that apply.

Bank Reconciliation Receivables Management Payables Management Inventory Control

5.

What happens when a reversing transaction is entered and posted in the General Ledger Transaction Entry window?

A previously entered transaction is reversed. One transaction posts on the transaction date and is reversed when the transaction is posted again. Two transactions are posted immediately, one on the transaction date, and one on the reversing date. A transaction is posted on the transaction date, and when the user date is set to the reversing date, areversing transaction posts.

6.

How many organizational levels can be created in Organization Structures?

3 4 6 8

7.

Which of the following statements are true about unit accounts? Choose the 3 that apply.

A debit increases the balance of a unit account. Unit accounts can be used to help calculate sales per employee. Unit accounts track non-financial information. When posting an entry for unit accounts, debits and credits need to equal.

8.

Which of the following statements are true if the posting to History option in General Ledger Setup is selected? Choose the 2 that apply.

After posting to history, manual adjustments need to be made to the current year retained earnings account. It allows adjusting entries to be entered into General Ledger for the previous year, even though the year hasbeen closed. When posting to a historical year, two entries are posted; one to update the beginning balances for thecurrent year and one to update the historical balances. A transaction can be posted to any historical year set up in Fiscal Periods Setup.

9.

Which of the following occurs during the year-end closing process in General Ledger? Choose the 3 that apply.

Profit and Loss account balances are closed to the retained earnings account. Balance sheet accounts are summarized, bringing the balances forward as the accounts?beginning balancein the new fiscal year. The financial statements print for the year automatically after the year-end closing is complete. The General Ledger account balances are reconciled for the year.

10.

Which of the following tasks can be completed using the Mass Modify Chart of Accounts feature?

A range of accounts can be inactivated. The Chart of Accounts can be copied to a new company. The posting type can be updated for a range of accounts. The balances of a range of accounts can be moved to a new account range.

Microsoft GP 10.0 Financials Set 2

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Congratulations

COMPANY

Products

OTHERS

Partner

Microsoft GP 10.0 Financials Set 2

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Congratulations

Detail Form

COMPANY

Products

OTHERS

Partner