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MB5-554 PDF DEMO:
QUESTION NO: 1
Which of the following statements are true about the year-end closing function for general ledger accounts? Choose the 2 that apply.
A.The account balances for balance sheet accounts are carried forward as beginning balances for the new fiscal year
B.The account balances for balance sheet accounts are closed to retained earnings
C.The account balances for profit and loss accounts are closed to retained earnings
D.It automatically creates a new fiscal year to carry beginning balances forward
Correct:A C
QUESTION NO: 2
What function should be used to enter recurring transactions where account numbers are consistently the same, but the amounts change each time the transaction needs to be posted?
A.Batch Entry
B.Detail Inquiry
C.Journal Entry
D.Quick Journal Entry
Correct:D
QUESTION NO: 3
What application has a seamless link to import budget information into Microsoft Small
Business Financials?
A.Microsoft Excel
B.Microsoft Word
C.Lotus Notes
D.Quicken
Correct:A
QUESTION NO: 4
What determines whether an account will be closed at year-end to the retained earnings account, or its balance is carried forward into the next fiscal year as a beginning balance?
A.Financial Statement Category
B.Posting Type
C.Typical Balance
D.Account Number
Correct:B
QUESTION NO: 5
How do Fixed Allocation accounts distribute posted amounts to distribution accounts?
A.By percentages entered in setup
B.Based on other posting account balances
C.Evenly between each distribution account entered
D.Ten percent to each distribution account listed
Correct:A
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Updated: May 27, 2022