Check your knowledge

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Answer the following questions to see what you learned

1.

Which one of the following methods in foreign currency revaluation jobs is used to post, regardless of whether the result is a profit or loss?

Invoice date

Minimum

Standard

2.

You need to process exchange rate adjustments on eligible main accounts. What should you do?

Use the periodic General Ledger function, Foreign currency revaluation.

Use the periodic Accounts Payable function, Foreign currency revaluation.

Use the periodic Accounts Receivable function, Foreign currency revaluation.

Use the periodic General Ledger function, Ledger accounting currency conversion.

3.

You want to set up foreign currency consolidation in Finance to automatically post differences that result from consolidating subsidiaries with foreign currencies. What should you set up in the General ledger?

Rounding rules on the Currencies page

An account for automatic Penny difference in reporting currency transactions

An account for automatic Penny difference in accounting currency transactions

An account for automatic Balance account for consolidation differences transactions

4.

When posting year-end transactions, which posting layer is designed for the closing sheet?

Closing

Current

Opening

Operations

You must answer all questions before checking your work.