General ledger questions - Study guides, Class notes & Summaries

Sage Intacct Implementation Exam Questions and Correct Answers 2024 ME-001: Intercompany transactions Requirement: Requirement: System should automatically record an intercompany due to/due from transaction when one entity pays a bill that belongs to another entity. 1. Solution type a. Standard functionality b. Workaround c. Marketplace solution - ANSWERS a. Standard functionality ME-001: Intercompany transactions Requirement: System should automatically record an intercompany due...

Bookkeeping Ch 1-6 Questions and Answers Already Passed What is the primary purpose of bookkeeping? The primary purpose of bookkeeping is to systematically record and organize financial transactions to provide accurate financial information. What is an account in bookkeeping? An account is a record used to track financial transactions related to a specific asset, liability, equity, revenue, or expense. What is the difference between a debit and a credit? A debit increases a...

BBK99E1 Practical Final Exam Answers Sheets (2024/2025) Basic Bookkeeping – Level 1 F I N A L EX A M V4.0 CU07-08-FEB07 PRACTICAL EXAM ANSWER SHEETS No. of Pages to this Answer Sheet Section: Name: Total available marks from Practical Exam Questions: 60 The Online Exam is made up of 50 multiple choice and/or True or False questions. Each question is worth 2 marks. Of the 50 questions, 30 are directly related to the information you will enter on the Answer Sheets during the Practical p...

Peregrine Exam Questions | Questions and Correct Answers | Latest Update 2024/2025 | 100% PASS What is a general ledger? - Answer -A general ledger account is an account or record used to sort, store and summarize a company's transactions. asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment liability accounts including Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits stockholders' equity accounts such as C...

Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Tested Exam Questions Reviewed And Revised With Correct Answers Already Passed!! 1) General Journal - ANSWER organized chronologically A list of transactions 2) Posting to the Ledger - ANSWER transfer transactions entered in the journal to the general ledger and categorize transactions by account 3) Accounting Cycle - ANSWER a collective process of identifying, analyzing, and recording the ...

AAT Level 2 - Bookkeeping Controls Questions and Answers 100% Pass What is the function of a sales ledger in bookkeeping? The sales ledger records all transactions related to sales on credit, including amounts owed by customers and details of each sale. How should discrepancies between internal records and the bank statement be addressed? Discrepancies should be reviewed and investigated to determine the cause, and necessary adjustments should be made to ensure accuracy in the recor...

AIS Exam 3 2024 Questions & Answers 100% CORRECT XBRL element - ANSWERSan individual financial statement item responsibility accounting - ANSWERSevaluating performance based on controllable costs flexible budget - ANSWERSevaluating performance by computing standards in light of actual activity levels journal voucher file - ANSWERSthe set of journal entries that updated the general ledger XBRL anatomy - ANSWERSa set of files that defines XBRL elements and specifies the relationsh...

ACCT 211 Final Exam questions well answered graded A+False - correct answer Understanding generally accepted accounting principles is not necessary to effectively use and interpret financial statements Assets=Liability + Equity - correct answer Accounting Equation False - correct answer From an accounting perspective, an event is a happening that affects the accounting equation, but cannot be measured Accounts Payable - correct answer All of the following are assets except: Accounts Pa...

New York Life Insurance Questions and Answers Already Passed Accelerated Benefits Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Accidental Death Insurance An insurance policy that provides payment if the insured's death is the result of an acc...

Sage Intacct Implementation Exam Questions and Correct Answers 2024 ME-001: Intercompany transactions Requirement: Requirement: System should automatically record an intercompany due to/due from transaction when one entity pays a bill that belongs to another entity. 1. Solution type a. Standard functionality b. Workaround c. Marketplace solution - ANSWERS a. Standard functionality ME-001: Intercompany transactions Requirement: System should automatically record an intercompany due...