Nominal Ledger - Introduction Quiz
This is a test to allow you to show us how much basic knowledge you have of the nominal ledger
- 1.
Which report would you use to make sure that the nominal ledger was in balance?
- A.
Profit & Loss Report
- B.
Trial Balance Report
- C.
Balance Sheet Report
- D.
VAT Analysis
Correct Answer
B. Trial Balance Report -
- 2.
The nominal ledger works as a central repository for accounting data transferred from all sub ledgers or modules, like sales, purchase, vehicles, purchase ordering etc.
- A.
True
- B.
False
Correct Answer
A. True -
- 3.
If you post a nominal ledger journal to a vehicle stock nominal code it will appear on the stock reports in the vehicle system.
- A.
True
- B.
False
Correct Answer
B. False -
- 4.
Which report would you use to list all the assets and liabilities of the company to determine it's financial position?
- A.
Profit and loss
- B.
Turnover Report
- C.
Balance sheet
- D.
VAT Analysis
Correct Answer
C. Balance sheet -
- 5.
Management reports allow a dealer to create sophisticated excel spread sheets linked to financial and DataPoint data.
- A.
True
- B.
False
Correct Answer
A. True -
- 6.
Open item accounts are ‘schedule’ accounts which can be set up against balance sheet nominal codes.
- A.
True
- B.
False
Correct Answer
A. True -
- 7.
Use of budgeting within Pinnacle is a powerful tool to allow businesses to see if they are on track to deliver their predicted financial performance for the year.
- A.
True
- B.
False
Correct Answer
A. True -
- 8.
The nominal ledger can have as many as 12 financial periods open at any one time.
- A.
True
- B.
False
Correct Answer
B. False -
- 9.
An adjustment journal allows a user to post a nominal ledger journal to a closed financial period.
- A.
True
- B.
False
Correct Answer
A. True -
- 10.
The adjustments report is used to report?
- A.
Reversing journals
- B.
Adjustment journals
- C.
Imported transactions
- D.
All of the above
Correct Answer
B. Adjustment journals -
- 11.
In automatic journals what does the action R in the period field do?
- A.
Reverses the debit and credit signs against the usual monthly journal posting
- B.
Reverses out a total of all the posting since the last R
- C.
Reverses all transactions posted in the year to date
- D.
Recalculates the balance due on the account
Correct Answer
A. Reverses the debit and credit signs against the usual monthly journal posting -
- 12.
The contra suspense nominal code should have a balance.
- A.
True
- B.
False
Correct Answer
B. False -
- 13.
Every financial transaction is linked to a run number.
- A.
True
- B.
False
Correct Answer
A. True -
- 14.
Reversing journals code transactions in the current period and then reverse them in the next future period.
- A.
True
- B.
False
Correct Answer
A. True -
- 15.
Pick the two best descriptions for the profit and loss report from the list below.
- A.
The report is designed to show leaders and investors whether the company made money during the period reported on
- B.
Summary of assets, liabilities and equity on a specific date or period
- C.
It is a report of all generated revenue providing a net profit value
- D.
A snapshot of a company’s financial condition
Correct Answer(s)
A. The report is designed to show leaders and investors whether the company made money during the period reported on
C. It is a report of all generated revenue providing a net profit value -
- 16.
To get the figures for the businesses VAT returns which nominal ledger report should be used?
- A.
Balance Sheet Report
- B.
Profit and Loss Report
- C.
VAT Analysis Report
- D.
Trial Balance Report
Correct Answer
C. VAT Analysis Report -
- 17.
When do Pinewood advise that the update nominal ledger option be used? Tick the three options you think are right.
- A.
After a journal or transaction import
- B.
To process automatic journals
- C.
Before starting any month end procedure
- D.
Before doing any / all nominal ledger enquiries
Correct Answer(s)
A. After a journal or transaction import
B. To process automatic journals
C. Before starting any month end procedure -
- 18.
Below are a list of standard nominal codes, please tick the dump account.
- A.
ZZZZ991
- B.
ZZZZZZ
- C.
ZZZZZX
- D.
XXXXXX
Correct Answer
B. ZZZZZZ -
- 19.
Fixed Assets is a module where you can record all assets in the business and each one can be depreciated automatically on a monthly basis.
- A.
True
- B.
False
Correct Answer
A. True -
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Current Version
-
Aug 28, 2019Quiz Edited by
ProProfs Editorial Team -
Nov 12, 2015Quiz Created by
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