GFEBS L412E Journal Entries Processing and Approval Questions and Answers | Latest Version | 2024/2025 | Already Passed
5 views 0 purchase
Course
GFEBS L412E Journal Entries Processing
Institution
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...
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SterlingScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.69. You're not tied to anything after your purchase.
