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
