If You Want Unbalanced General Ledger Historical Amounts to Be

question 20

Multiple Choice

If you want unbalanced General Ledger historical amounts to be assigned to an account automatically -

• A)choose the automatic account you want to use when the message about unbalanced amounts appears
• B)choose the automatic account you want to use in the general ledger linked accounts settings screen
• C)choose to apply the balance to the Retained Earnings linked account in the general ledger linked accounts settings screen
• D)you cannot choose an automatic account for this purpose

---

Definitions:

LIFO Method

An inventory valuation method that assumes the most recently produced items are sold first, with 'LIFO' standing for "last in, first out."

Ending Inventory

The total value of all unsold goods that a company has in its possession at the end of an accounting period.

Fire Screens

Protective barriers placed in front of fireplaces to prevent sparks from escaping into the room.

FIFO Method

A method of inventory valuation where the first items placed in inventory are the first ones sold, standing for First-In, First-Out.