Check your knowledge

Completed

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

1.

You must set up the chart of accounts for intercompany transactions. Which ledger account type should you specify for the Due to and Due from ledger accounts?

Balance sheet

Profit and loss

Reporting

Revenue

2.

You want to post an intercompany general ledger journal. The companies for which you set up intercompany accounting, share the same chart of accounts. What do you set up to enable intercompany posting?

Set up the intercompany journal name in both companies.

Set up the intercompany journal name in only one company.

Set up the intercompany posting accounts in both companies.

Set up the intercompany posting accounts in only one company.

3.

You are using a General journals page to create and post intercompany journals to be posted. In this journal, you have one voucher with three lines. When you post, what is the minimum number of vouchers that are posted, and how many per company?

Two vouchers total and one voucher for each company.

Six vouchers total and three vouchers for each company.

Three vouchers total and one voucher for each company.

You must answer all questions before checking your work.