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Financial Closing Quiz 3- (Book 4)

How many separate intervals are there to control open posting periods?

What is the main difference in posting a manual accrual document compared to other manual transactions?

Reference field

Reversal reason

Document type

Transaction type

Accruals and deferrals can be posted manually and automatically

True

False

You must create accruals when an expense or revenue will be received in the future but it is incurred or earned in the current period.

True

False

The recurring entry batch input session will update the next run on date and create actual postings.

True

False

The balance carry forward does which of the following? (four correct)

Carries forward balance sheet account balances

Must be executed for all ledgers

Carries forward profit and loss account balances to retained earnings

Carries forward profit and loss account balances

Carries forward customer and vendor

Reporting on an extension ledger always includes the data of the underlying ledger.

True

False

Extension ledgers can have their own posting period variant.

True

False

Ledger groups containing one ledger are automatically created when a ledger is created.

True

False

A company can create ledger groups that include specific ledgers.

True

False

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