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NO.1 Top Toys defined their sub-periods as months. How often should they run the period-end
closing utility?
Please choose the correct answer.
Response:
A. They are required to run the period-end closing utility both at the end of each month and at the
end of
the fiscal year.
B. Depending on their financial processes, they can run the period-end closing utility at the end of
each
month and also at the end of each quarter.
C. Depending on their financial processes, they can run the period-end closing utility at the end of
each
month and also at the end of each quarter.
D. Depending on their financial processes, they should run the period-end closing utility at the end of
the
fiscal year and also can run it at the end of each month.
Answer: D
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NO.2 What are the three drawers?
there are 3 correct answers to this question
Response:
A. Journal
B. Liabilities
C. Invoice
D. Equity
E. Assets
Answer: B,D,E
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