When You Adjust a General Journal Entry, Sage 50 -

question 7

Multiple Choice

When you adjust a general journal entry, Sage 50 -

• A) deletes the original entry and saves the correction
• B) always includes the original entry and the corrections in reports for a complete audit trail
• C) includes the original and reversing entry in reports only when you choose to show corrections
• D) renumbers the correction so that it replaces the original journal entry number in the report

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Definitions:

Profit and Loss Allocation

Profit and Loss Allocation involves distributing a business’s profits and losses among its various stakeholders or business areas.

Journal Entry

The record of a financial transaction in the accounting records of a business.

Other Assets

Assets that don't fit into the main categories of current assets, property, plant, equipment, or intangible assets.

Liquidation

The process of closing a business and distributing its assets to claimants.