General Ledger Quiz
General Ledger Mastery Quiz
Test your knowledge of the General Ledger and Xero accounting software with our engaging quiz! This quiz is designed for users aiming to solidify their understanding of essential GL components and fun
Key Features:
- 11 carefully crafted questions to challenge your expertise.
- Multiple choice format for easy answering.
- Immediate feedback on your responses.
Should a component not reflect on the General Ledger Parameters Screen, it will have to be added.
True
False
A dropdown list for gl account: and gl contra account: will be provided per component with the chart of accounts already added on Xero. Allocation to the correct accounts on Xero will ensure accuracy of financial statements.
True
False
The user may ignore all other fields on the General Ledger Parameters Screen and select Save once all account numbers have been allocated.
True
False
To import the general ledger to Xero, the user can select the General Ledger Report.
True
False
Once the user has selected Xero as the format and authenticated access to Xero, the month can be selected and report can be executed. Should the total debits and credits not balance an error message will return.
True
False
What are the benefits of using Xero?
Payroll data integrates seamless with Xero.
For Reporting purposes only
The chart of accounts need to be set-up on Xero, before the user can allocate account numbers via access obtained from the General Ledger Report.
Navigation: Company Menu>Reports>Costing>General Ledger Report
Navigation: Company Menu>Reports>Salary Payment File>General Ledger Report
Xero is cloud-based accounting software for small and medium-sized businesses. An option to seamlessly map payroll data to the chart of accounts in Xero is available. The General Ledger Entry set-up is accessed differently than interfacing with other accounting software and are therefore discussed separately.
True
False
Any costing codes created on Xero should be added on the payroll. This can be accommodated on the Organisation Units - or Project Costing Screen.
True
False
If no GL Contra Account Numbers are allocated on the Allowances and Deductions, an account number will have to be specified on the Net Pay Total to balance the General Ledger Entry.
True
False
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