WorksheetsGeneral Accounting - Test
Total questions: 12
Worksheet time: 12mins
What is a GL account in accounting?
Is a system used only for processing external payments.
A coding that a company uses for managing collections and payments.
Is a record within the General Ledger used to classify, summarize, and track financial transactions by category (e.g., revenue, expenses, assets, liabilities).
Is a budgeting tool used exclusively by management to forecast future expenses
Which financial statement includes Profit & Loss accounts (income, costs, expenses, etc.)?
Income Statement
Balance Sheet
Statement of Financial Position
Statement of Changes in Equity
Select the accounts included in the Balance Sheet Statement (select multiple answers)
Assets
Operating Expenses
Liabilities
Equity
Accounts that start with 3 and 4 correspond to what?
3 - Gross Sales
4 - Total Cost of Sale)
3 - Fixed Assets
4 - Inventories and Cost
3 - Long Term Advances and Deposits
4- Long-Term Investments
3 - Advertising and Promotion
4 - Structure Costs (Structure Investment)
The main objective of the balance sheet reconciliation process is to ensure that account balances are accurate, complete, properly supported, and recorded on time. It identifies any differences and defines corrective actions to maintain the integrity of the company’s financial reporting.
True
False
What correctly describes the concur accrual process?
Canceling invoices that have already been paid
Reclassifying an expense from the incorrect GL to the correct one
Downloading a report from Concur with the items not submitted by the prim@s, and posting all P&L-related amounts to the accrual account.
Sending payments to vendors before month-end closing
Which are the most common accounts impacted by GRs?
Liability accounts
Equity accounts
P&L accounts
Asset accounts
Cash GL accounts always start with the following digits:
30
60
70
80
What number does the bank mirror account end with (the one where inflows and outflows are reflected for later clearing)?
7
2
3
4
If the invoice is cleared, does this specifically mean it has been paid?
True
False
In an ideal scenario, if the cash account ending in 2 has a clearing document, does that mean the invoice is paid?
True
False
What is a failed payment and a rejected payment? Select multiple answers.
Failed: It refers to when the payment could not be executed in the entity’s banks, the ZP document remains open, and the payment is not processed.
Rejected: It refers to when the payment is executed, but in the following days the money is returned to the entity’s bank account due to an error.
Failed: A payment that was executed but for an incorrect amount.
Rejected: A payment that was rejected by the vendor because it was late.
