Financial Accounting Quiz

The balance sheet is a snapshot of the organization at a point in time.

• True

• False

Within accounts receivable accounting, when a payment is made the bank account is debited and the appropriate customer account is credited.

• True

• False

Which of the following are types of chart of accounts?

• Operative COA

• Country specific COA

• Active COA

• Group COA

Which attributes are presented in the FI document items?

• Amount

• Document type

• Posting date

• Currency

• Posting key

Which of the following is a key process in financial accounting?

• Sales order processing

• Accounts receivable accounting

• Credit management

• Income verification

• All of the above

Financial accounting (Fl) is concerned with recording the financial impacts of business processes as they are executed.

• True

• False

Which process is used to manage money owed by customers for goods and services purchased from the company?

• General ledger accounting

• Accounts receivable accounting

• Fixed asset accounting

• Bank ledger accounting

• All of the above

Parallel accounting consists of implementing multiple ledgers and using each ledger for different purposes.

• True

• False

Which type of asset has a physical form?

• Master asset

• Tangible asset

• Informal asset

• Intangible asset

• None of the above

What are the primary ways in which an asset can be acquired?

• Internally by production

• Internally by inventory tracking

• Externally by vendor

• Externally without a vendor

• By asset liquidation