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MB5-554 PDF DEMO:
QUESTION NO: 1
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
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
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: 4
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: 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