Posting Classes: Assessment Test Questions

Which entity defines the accounts used for posting transactions for sales and purchases of stock items to the general ledger?

Which of the following is a purpose of a posting class? (Select all the correct responses.)

It defines which accounts should be used to post general ledger transactions.
It provides the default GL accounts to be assigned to new stock items of this posting class.
It determines the quantity of items to be stocked in a warehouse.
It determines the default settings for stock items, including the item class.

How is the physical inventory reason code used in a posting class?

It specifies the default reason code that the system uses for physical inventory involving items associated with the posting class.
It determines the frequency of physical inventory counts.
It specifies the warehouse where the physical inventory count will take place for items associated with the posting class.
It determines the default quantity for conducting a physical inventory count for items associated with the posting class.

Why do you specify the default GL accounts in a posting class?

To provide the default GL accounts for new items being created on the Stock Items and Non-Stock Items forms
To automatically update the GL accounts for existing transactions
To determine the warehouse where the inventory transactions occur
To establish a system of checks and balances for inventory transactions

Can you override the default GL accounts inserted from a posting class for a particular item?

Yes, these GL accounts can be overridden.
No, these GL accounts cannot be overridden.
These GL accounts can be overridden but only in the first month of a financial year.

What happens to the GL accounts on the GL Accounts tab of Stock Items or Non-Stock Items form when the posting class is changed for an item?

The GL accounts are updated with the accounts from the new posting class.
The GL accounts are deleted and need to be reentered manually.
The GL accounts remain the same and are not affected by the changed posting class.
The GL accounts are randomly assigned from a predefined list.

When would you select the Inventory Item source in the settings of a posting class for GL accounts?

When you want the GL accounts for all transactions of the item to be the ones specified in the item settings, regardless of the warehouse where the inventory transaction occurs
When you want the GL accounts for all transactions of the item to vary depending on the warehouse where the inventory transaction is made
When you want to replace the GL accounts in the item settings with new accounts