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GFEBS L412E Journal Entries Processing and Approval Questions and Answers | Latest Version | 2024/2025 | Already Passed $9.97   Add to cart

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GFEBS L412E Journal Entries Processing and Approval Questions and Answers | Latest Version | 2024/2025 | Already Passed

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  • GFEBS L412E Journal Entries Processing

Processing and Approval Questions and Answers | Latest Version | 2024/2025 | Already Passed What is the purpose of processing journal entries? The purpose is to record financial transactions accurately in the accounting system. What must be ensured before a journal entry is posted? It...

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  • September 19, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • GFEBS L412E Journal Entries Processing
  • GFEBS L412E Journal Entries Processing
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GFEBS L412E Journal Entries
Processing and Approval Questions and
Answers | Latest Version | 2024/2025 |
Already Passed
What is the purpose of processing journal entries?


✔✔ The purpose is to record financial transactions accurately in the accounting system.




What must be ensured before a journal entry is posted?


✔✔ It must be verified for accuracy and compliance with accounting standards.




Who is typically responsible for approving journal entries?


✔✔ A financial manager or a designated authority approves journal entries to ensure proper

oversight.




What happens if a journal entry contains an error?


✔✔ The entry must be corrected or reversed and re-entered with the accurate information.




Why is it important to have approval for journal entries?


1

, ✔✔ Approval ensures that the entries are legitimate, accurate, and compliant with financial

policies.




What information is typically included in a journal entry?


✔✔ A journal entry usually includes the date, account numbers, debit and credit amounts, and a

description of the transaction.




What is a common reason for reversing a journal entry?


✔✔ A common reason is if an entry was made incorrectly or needs adjustment.




What is the impact of unapproved journal entries?


✔✔ Unapproved entries may lead to inaccurate financial reporting and potential compliance

issues.




What kind of transactions might require journal entries?


✔✔ Transactions such as accruals, adjustments, corrections, and reclassifications may require

journal entries.




How is the approval process for journal entries typically documented?

2

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