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
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
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