Knowledge quiz

It’s time to put what you’ve learned to the test, get 5 questions right to pass this unit.

Choose the correct answer.

Expense

Liability

Revenue

Asset

Choose the correct answer.

Customer account

Expense account

Supplier reconciliation account

Asset account

Choose the correct answer.

It creates no accounting document.

It makes no accounting entry on the accounts.

It creates a single line item.

There are two correct answers.

They are automatic postings based on the special G/L indicator.

They update the main customer reconciliation account with a special G/L indicator.

They are statistical entries since they always balance with a specific clearing account.

They give you the option to define the reconciliation account during posting.

There are two correct answers.

They enable you to comply with statutory obligations.

They allow you to update each accounting principle separately.

They help you keep track of all the relevant posting together.

There are two correct answers.

Automatic offsetting entry

Free offsetting entry

Posting to customer main G/L account

Posting to alternative reconciliation account

Learning