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Answer the following questions to see what you've learned.

1.

Other than using the Name on a G/L account card, what other option do you have to specify that a specific G/L account is a liability account?

Assign Liability in the Account Category field on the G/L account card.

Select Liability in the G/L Account Type field.

Create a general product posting group called Liabilities and assign it to the G/L account.

There is no other option for specifying that a specific G/L account is a liability account other than using the Name field.

2.

How do you define a G/L account as a sales account?

By assigning a general business posting group that is linked to a sales account.

By assigning a general product posting group that is linked to a sales account.

By linking the combination of the general business posting group and general product posting group to a sales account.

By selecting Sale in the Gen. Posting Type field.

3.

Direct posting is typically not enabled for G/L accounts on which only system-generated transactions are posted. For which one of the following G/L accounts would you select direct posting?

Receivables account

Cash account

Inventory Finished Goods account

Office supplies account

4.

On the G/L account card, which fields are used to define the layout of your financial statement?

Account Type and Account Subtype

Debit Amount and Credit Amount

Account Category and Account Subcategory

Dimension and Dimension Value

You must answer all questions before checking your work.