MISY 5340 Exam Questions and
Answers 100% PASS
General ledger accounting - CORRECT ANSWER-is used to record the financial
impacts of business process steps; it contains much of the data needed for financial
reporting.
Accounts receivable accounting - CORRECT ANSWER-1. is associated with the
fulfillment process and is used to manage money owed by customers for goods
and services sold to them.
Accounts payable accounting - CORRECT ANSWER-1. is associated with the
procurement process. Companies use accounts payable accounting to record and
manage money owed to vendors for the purchase of materials and services.
Asset accounting - CORRECT ANSWER-1. is used to record data related to the
purchase, use, and disposal of assets such as buildings, equipment, machinery, and
automobiles.
Bank ledger accounting - CORRECT ANSWER-- is concerned with recording
data associated with bank transactions.
Financial statement - CORRECT ANSWER-Businesses use these data to generate
financial statements to meet legal or regulatory reporting requirements. These
, reports are externally focused, meaning they are intended primarily for audiences
outside the organization, such as the SEC. Typical financial statements are the
balance sheet, income statement, and statement of cash flow.
Business areas - CORRECT ANSWER-An internal division of an enterprise that is
used to separate areas of responsibility or to meet the external reporting
requirements
Chart of Accounts (COA) - CORRECT ANSWER-An ordered listing of accounts
that comprise a company's general ledger—Lesson 3 There are three types of
charts of accounts: operative COA, country-specific COA, and group COA.
Operative Chart of Accounts - CORRECT ANSWER-The operative or
operational COA contains the operational accounts that are used to record the
financial impact of an organization's day-to-day transactions. It is the primary COA
maintained by an organization.
Country-Specific COAs - CORRECT ANSWER-The accounts in the operative
COA are mapped to alternative accounts in country-specific charts of account.
Companies create these alternative accounts to meet special country-specific
reporting requirements.
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
Answers 100% PASS
General ledger accounting - CORRECT ANSWER-is used to record the financial
impacts of business process steps; it contains much of the data needed for financial
reporting.
Accounts receivable accounting - CORRECT ANSWER-1. is associated with the
fulfillment process and is used to manage money owed by customers for goods
and services sold to them.
Accounts payable accounting - CORRECT ANSWER-1. is associated with the
procurement process. Companies use accounts payable accounting to record and
manage money owed to vendors for the purchase of materials and services.
Asset accounting - CORRECT ANSWER-1. is used to record data related to the
purchase, use, and disposal of assets such as buildings, equipment, machinery, and
automobiles.
Bank ledger accounting - CORRECT ANSWER-- is concerned with recording
data associated with bank transactions.
Financial statement - CORRECT ANSWER-Businesses use these data to generate
financial statements to meet legal or regulatory reporting requirements. These
, reports are externally focused, meaning they are intended primarily for audiences
outside the organization, such as the SEC. Typical financial statements are the
balance sheet, income statement, and statement of cash flow.
Business areas - CORRECT ANSWER-An internal division of an enterprise that is
used to separate areas of responsibility or to meet the external reporting
requirements
Chart of Accounts (COA) - CORRECT ANSWER-An ordered listing of accounts
that comprise a company's general ledger—Lesson 3 There are three types of
charts of accounts: operative COA, country-specific COA, and group COA.
Operative Chart of Accounts - CORRECT ANSWER-The operative or
operational COA contains the operational accounts that are used to record the
financial impact of an organization's day-to-day transactions. It is the primary COA
maintained by an organization.
Country-Specific COAs - CORRECT ANSWER-The accounts in the operative
COA are mapped to alternative accounts in country-specific charts of account.
Companies create these alternative accounts to meet special country-specific
reporting requirements.
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
