Check your knowledge

1.

Where are fiscal years defined?

Fiscal Year page

Accounting Periods page

General Ledger Setup page

Company Setup page

2.

Which rule applies when you change the starting date of an accounting period?

You cannot change the starting date of an accounting period.

The starting date can only be changed for accounting periods in the future.

The starting date can only be changed for accounting periods without a date lock.

You can change the starting date of an accounting period.

3.

In the G/L Account card, what field is used to determine which accounts are balanced to zero during the fiscal year-end closing process?

Reconciliation Account

Debit/Credit

Account Type

Income/Balance

4.

What does not occur after the Close Year process is run?

The next entries that are posted in the closed year are shown as prior-year entries.

The Closed and Date Locked check boxes in the Accounting Periods page are selected.

Period lengths of closed periods cannot be changed.

A new fiscal year is created.

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