Pre-assessment Test - General Ledger

Where do you set up non-contract accounts in GCS?

Chart of Accounts has to be set up before FS Code File.  True or False

___________ is used to design the Balance Sheet and Income Statement to show the group and line of accounts with description.

Before setting up the Chart of Accounts, you should first set up divisions, indirect expense pools, and an OBS (optional) and design your financial statements. True or False.

Where do you enter beginning balances when initializing GCS?

User entered transactions in the audit directory and need to forward the balances to the ongoing directory.  What is the utility to be used?

Always retain the General Journal that is printed when you actually post the entries to the General Ledger. This is an essential part of your system audit trail. It is also a good idea to print all journal entries before closing the accounting period to have a complete list of all journal entries made in the period. It is important to keep backup information or schedules to support journal entries. True or False

In closing an accounting period, the system will automatically check to insure that no journal files for the period have been left unposted before proceeding. True or False

Is there an audit trail in GCS?

In GL Utilities, there are 5 journals that  you can purge.  Check all appropriate.