Closing Financial Periods: Test Pool (ML-Generated)

  1. What is the purpose of closing financial periods?
    • To prevent unauthorized users from posting new transactions to the period
    • To automatically send period-end reports to tax authorities
    • To calculate year-end financial statements
  2. In what situations can transactions be posted to a closed period? (Select all correct responses.)
    • The Restrict Access to Closed Periods check box is cleared on the General Ledger Preferences form.
    • The Restrict Access to Closed Periods check box is selected on the General Ledger Preferences form, but the user who posts the transaction has the Financial Supervisor role.
    • The financial administrator unlocks the period on the Manage Financial Periods form.
    • The previous period has the Locked status.
    • The period has the Inactive status.
  3. What are the requirements for a period to be closed in the general ledger? (Select all correct responses.)
    • The period must not contain any unposted transactions (except for scheduled ones).
    • The period must be closed in all subledgers.
    • The period must contain at least one unposted transaction.
    • The period must be open in all other subledgers.
    • The previous period must be open in the general ledger.
  4. What should you check before closing a period in a subledger?
    • Whether there are any unreleased documents that need to be posted to the period
    • Whether there are any outstanding balances in the subledger
    • Whether there are any pending transactions that need to be processed
  5. What form do you use to close financial periods in the general ledger?
    • Manage Financial Periods
    • Journal Transactions
    • Master Financial Calendar
    • Company Financial Calendar
  6. What access role must users have to post transactions to closed financial periods?
    • Financial Supervisor
    • Administrator
    • Accountant
    • Auditor
  7. What happens if the Restrict Access to Closed Periods check box is cleared on the General Ledger Preferences (GL102000)?
    • All users can post transactions to closed periods.
    • Only users assigned to the Financial Supervisor role can post transactions to closed periods.
    • No users are permitted to post transactions to closed periods.
    • The Restrict Access to Closed Periods check box has no effect on posting transactions to closed periods.