Nominal Ledger - Introduction Quiz

1. To get the figures for the businesses VAT returns which nominal ledger report should be used?

Balance Sheet Report

Profit and Loss Report

VAT Analysis Report

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.

True

False

3. 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.

True

False

4. Every financial transaction is linked to a run number.

True

False

5. Management reports allow a dealer to create sophisticated excel spread sheets linked to financial and DataPoint data.

True

False

6. 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.

True

False

7. Below are a list of standard nominal codes, please tick the dump account.

ZZZZ991

ZZZZZZ

ZZZZZX

XXXXXX

8. Which report would you use to list all the assets and liabilities of the company to determine it's financial position?

Profit and loss

Turnover Report

Balance sheet

VAT Analysis

9. The contra suspense nominal code should have a balance.

True

False

10. Which report would you use to make sure that the nominal ledger was in balance?

Profit & Loss Report

Trial Balance Report

Balance Sheet Report

VAT Analysis

11. Open item accounts are 'schedule' accounts which can be set up against balance sheet nominal codes.

True

False

12. An adjustment journal allows a user to post a nominal ledger journal to a closed financial period.

True

False

13. Reversing journals code transactions in the current period and then reverse them in the next future period.

True

False

14. The nominal ledger can have as many as 12 financial periods open at any one time.

True

False

15. The adjustments report is used to report?

Reversing journals

Adjustment journals

Imported transactions

All of the above

16. In automatic journals what does the action R in the period field do?

Reverses the debit and credit signs against the usual monthly journal posting

Reverses out a total of all the posting since the last R

Reverses all transactions posted in the year to date

Recalculates the balance due on the account

17. Pick the two best descriptions for the profit and loss report from the list below.

The report is designed to show leaders and investors whether the company made money during the period reported on

Summary of assets, liabilities and equity on a specific date or period

It is a report of all generated revenue providing a net profit value

A snapshot of a company’s financial condition

Submit

18. When do Pinewood advise that the update nominal ledger option be used? Tick the three options you think are right.

After a journal or transaction import

To process automatic journals

Before starting any month end procedure

Before doing any / all nominal ledger enquiries

Submit

19. If you post a nominal ledger journal to a vehicle stock nominal code it will appear on the stock reports in the vehicle system.

True

False

20. The nominal ledger requires some simple basics to understand if a transaction should be a debit or credit entry. Match up the below descriptions with a debit or credit entry.

Increase an asset

Increase of revenue

Submit

Nominal Ledger - Introduction Quiz

1. To get the figures for the businesses VAT returns which nominal ledger report should be used?

2.

What first name or nickname would you like us to use?

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.

3. 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.

4. Every financial transaction is linked to a run number.

5. Management reports allow a dealer to create sophisticated excel spread sheets linked to financial and DataPoint data.

6. 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.

7. Below are a list of standard nominal codes, please tick the dump account.

8. Which report would you use to list all the assets and liabilities of the company to determine it's financial position?

9. The contra suspense nominal code should have a balance.

10. Which report would you use to make sure that the nominal ledger was in balance?

11. Open item accounts are 'schedule' accounts which can be set up against balance sheet nominal codes.

12. An adjustment journal allows a user to post a nominal ledger journal to a closed financial period.

13. Reversing journals code transactions in the current period and then reverse them in the next future period.

14. The nominal ledger can have as many as 12 financial periods open at any one time.

15. The adjustments report is used to report?

16. In automatic journals what does the action R in the period field do?

17. Pick the two best descriptions for the profit and loss report from the list below.

18. When do Pinewood advise that the update nominal ledger option be used? Tick the three options you think are right.

19. If you post a nominal ledger journal to a vehicle stock nominal code it will appear on the stock reports in the vehicle system.

20. The nominal ledger requires some simple basics to understand if a transaction should be a debit or credit entry. Match up the below descriptions with a debit or credit entry.