Managerial Accounting Master Set :D

On the General Journal tab, the dropdown menu, if available, lists the accounts in alphabetical order.

False

Journal entries are recorded on which tab?

General journal

Excel functions are prebuilt formulas within Excel

Show Me

Each yellow cell requires a formula.

True

Financial statements must be properly formatted, to include a description of all subtotals.

True

In some cases, the financial statement headings will require additional input.

True

The first four tabs will always be the same: Requirements, General Journal, General Ledger and Trial Balance.

True

The format of the final analysis tab will differ from chapter to chapter and sometimes within a chapter.

True

The message "Answer is complete and correct" in "Check my work" indicates that full credit has been earned for that question.

true

In "Check my work" errors are marked with red X's. You click on "Check my work" and you only see green check marks, but it says "Answer is not complete" at the top. This indicates that ________.

"so far, so good." What you have entered so far is correct, but you have not yet earned full credit

All cell addresses included in a valid formula are outlined in ________.

=B17

When you have completed a journal entry, and want to advance to the next journal entry within the problem, you click on "________."

Record entry

Assume your professor has given you 60 minutes to complete a specific assignment. You have worked on the assignment for 45 minutes but have not yet completed the assignment. A friend stops by and asks you to go out for a couple of hours. What should you do?

Tell your friend to go away for 15 minutes!

As soon as you click "Record Entry," which tabs are immediately updated?

The General Ledger and Trial Balance tabs are both updated.

When preparing journal entries, the account titles are selected using either the dropdown menu (if available) or by keying in the account titles.

True

At the top of the screen, questions 3, 4 and 5 are outlined with a chain. This indicates that ________.

questions 3, 4, and 5 are based on the same set of data

If a transaction does not require a journal entry, you must ________.

select "No journal entry required" from the dropdown menu

Every cell highlighted in blue will ________.

accept, but not require, input

What is the address of a cell in row 22 of column F?

F22

To review the recorded entries, click on "________."

View General Journal

Structured and follows GAAP

financial accounting system

In reviewing the General Ledger tab, you notice that the ending Cash balance is listed in parentheses. What does this indicate?

Cash has an abnormal ending balance. Chances are you have an incorrect journal entry.

When preparing a journal entry, the credits must be listed before the debits.

False

In some cases, your professor may allow you to check your work.

True

If available, clicking on "Hint" will take you to a video that steps you through the exact question you are working on with a different set of numbers.

True

In some general ledger questions, the financial statements need to be constructed by selecting the accounts and account elements that belong on the statement.

True

In some general ledger questions, the financial statements will be generated automatically.

True

The requirements tab describes the purpose and input requirements for each tab.

True

To see a quick overview of an assignment, click on the blue arrow on the far right-hand side of the screen.

True

When you have more than one account debited, you can enter them in either order without losing points.

True

Your instructor may enable two sources of assistance, Hints and Show Me. Which of these two will display a valid formula?

blue

"Answered" on the question map indicates that the question ________.

has been visited but may be incomplete and/or incorrect

You click on "View Transaction List" and item 1 is listed with a green box. What does this indicate?

Question 1 has been recorded.

General Ledger questions contain multiple tabs.

True

Assume your professor has given you unlimited time on a specific assignment and you have completed some, but not all, of the assignment. A friend stops by and asks you to go out for a couple of hours. What should you do?

Click "Save and Exit." Then, complete the assignment and click "Submit Assignment" before the due date.

When you have completed a journal entry and want to advance to the next journal entry within the problem, you click on "________."

Record Entry

By clicking on any account value, you can drill backwards from the financial statements, to the trial balance, to the ledger, and back to the original entry.

True