Account Reconciliations And Journal Entry Quiz

10 Questions | Total Attempts: 743

SettingsSettingsSettings
Please wait...
Reconciliation Quizzes & Trivia

This quiz is used to provide a knowledge check on the Account Reconciliation and Journal Entry training.


Questions and Answers
  • 1. 
    What is the main purpose of an account reconciliation?
    • A. 

      They show the monthly movement of the account.

    • B. 

      They allow one to review the account quickly.

    • C. 

      Validate account balances.

    • D. 

      They are required as part of the month end close process and appear on the close checklist.

  • 2. 
    If the account reconciliations have not been fully reviewed, but it is a quarter end month and a Certification Letter is required, how should you proceed?
    • A. 

      Have a verbal conversation with your Manager about the issue then sign the certification letter with no disclosure.

    • B. 

      Refuse to sign the certification letter until all accounts have been reviewed, regardless of Management's request.

    • C. 

      Sign the certification letter with a disclosure noting which reconciliations have not been reviewed.

  • 3. 
    What does it mean to sign a certification letter?
    • A. 

      You have reviewed all accounts and have validated the balances.

    • B. 

      Required process by US law so you are required to sign the certification letter.

    • C. 

      You have completed the close process.

  • 4. 
    An account reconciliation should, at a minimum, include which of the following items?
    • A. 

      Account name and number

    • B. 

      Ending Balance

    • C. 

      Reviewer’s signature & date

    • D. 

      Preparer’s signature & date

    • E. 

      All of the above

  • 5. 
    All accounts must be reconciled and reviewed/approved on a(n) _________________, at a minimum.
    • A. 

      Annual basis

    • B. 

      Monthly basis

    • C. 

      Weekly basis

    • D. 

      Quarterly basis

  • 6. 
    When must non standard journal entries be approved? 
    • A. 

      One week prior to entry.

    • B. 

      Prior to the signing of the certification letter.

    • C. 

      One hour prior to entry.

  • 7. 
    Standard Journal Entries are:
    • A. 

      Infrequent

    • B. 

      Non-recurring

    • C. 

      Unusual in nature

    • D. 

      All of the above

    • E. 

      None of the above

  • 8. 
    All accounts with a balance need to be reconciled?   
    • A. 

      True

    • B. 

      False

  • 9. 
    An account reconciliation can include Third Party (Non-GL) support? 
    • A. 

      True

    • B. 

      False

  • 10. 
    Not having evidence of approval on a journal entry is ok so long as the entry was prepared prior to the certification letter? 
    • A. 

      True

    • B. 

      False