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MB5-554 PDF DEMO:
QUESTION NO: 1
Which of the following are requirements to delete an account from your chart of accounts?
Choose the 2 that apply.
A.The account must have a zero balance
B.The account must have been inactivated
C.The account must be a balance sheet account
D.There currently are no history records for the account
Correct:A D
QUESTION NO: 2
What happens when a reversing transaction is entered in the Journal Entry window?
A.A previously entered transaction is reversed
B.Two transactions are posted immediately, one on the transaction date, and one on the reversing date
C.A transaction is posted immediately, and another will be posted after the year-end closing is run
D.A transaction is posted on the transaction date, and when the user date is set to the reversing date, a reversing transaction will post
Correct:B
QUESTION NO: 3
Where can you specify the default retained earnings account that should be used when closing the fiscal year in Accounting?
A.Transaction Setup
B.Financial Reports
C.Journal Entry
D.Accounts window
Correct:A
QUESTION NO: 4
Which of the following statements are true when you are using Quick Journals? Choose the 2 that apply.
A.Transactions can be entered in a batch.
B.You can delete a quick journal you no longer need.
C.Account numbers cannot be changed.
D.You don't have to enter amounts for every account on the quick journal.
Correct:B D
QUESTION NO: 5
Which of the following situations could possibly be remedied by running the reconcile utility in
Accounting?
A.A budget does not contain all accounts
B.A checkbook balance doesn't agree with a cash account balance
C.A vendor check was written for the wrong amount
D.An account balance for a period displays differently when comparing the trial balance report and balance sheet
Correct:D
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Updated: May 27, 2022