BSIS 420 Chapter 2 Practice Quiz

__________ Records and manages all accounting related data associated with a company's customers.

• General Ledger Accounting

• Accounts Receivable Accounting

• Asset Accounting

• Accounts Payable Accounting

_________ Records and manages all accounting related data associated with a company's vendors.

• General Ledger Accounting

• Accounts Receivable Accounting

• Asset Accounting

• Accounts Payable Accounting

For a general ledger account to be used in Financial Accounting, it must be created first at the ___________.

• Chart of Accounts Level

• Company Code Level

• In the Balance Sheet Statement

• In the Profit and Lost Statement

Which of the following is not part of the General Ledger?

• Accounts Receivable

• Subsidiary Ledger

• Accounts Payable

• Cash Account

Which account is used to separate accounting for customers, vendors, and assets?

• Subsidiary Ledger

• General Ledger

• Cash Account

• Profit and Loss Accounts

Key financial accounting processes do not include ________.

• General Ledger Accounting

• Accounts Receivable

• Asset Accounting

• Overhead management

Which one is not one of the categories of the general ledger?

• Asset

• Owner's Equity

• Operating Cash Flow

• Expenses

One of the requirements of GAAP is that companies report revenue and expenses for all key product and service lines. This is referred to as segment reporting. Within SAP ERP system, _______ is used to represent segments.

• Company Code

• Cost Center

• Business Area

• Internal Order

Which statement listed below is true?

• The chart of accounts is included in the General Ledger

• Accounts Payable accounting is part of the fulfillment process.

• Income Statements can be prepared from the General Ledger.

• Assets = Liabilities - Owners Equity

Reconciliation Accounts are general ledger accounts that ________.

• Can be posted to directly

• Maintain the sum of the postings in sub-ledgers

• Are not general ledger accounts

• Not used to separate accounting for customers, vendors, and assets