ACCT 4332 PRACTICE SCRIPT 2026
QUESTIONS WITH SOLUTIONS GRADED A+
◉Which of the following defines a statistical account?. Answer: An
account that accumulates physical as opposed to monetary data
◉Which of the following defines the dollar-entry function?. Answer:
The feature that saves three keystrokes by not having to enter a
decimal point or cents for even dollar amounts.
◉Which of the following defines a master account?. Answer: An
account that is similar to a control account.
◉In what form are data transferred to the general ledger module
from other modules?. Answer: In detail or summary form.
◉Which of the following defines the auto-enter function?. Answer:
The feature that moves the curser automatically to the next field, so
the user does not have to press the enter key.
,◉Which of the following describe(s) the type(s) of transactions in
the financial process?. Answer: All of these are types of transactions
in the financial process.
◉Which of the following is TRUE regarding inactive accounts?.
Answer: After an account has been designated as inactive, no entries
can be made to that account; but it is NOT immediately deleted from
the general ledger.
◉Why is the time-sensitive entries feature useful?. Answer: It avoids
the requirement that the books for the last period be closed prior to
posting any entries for the new period.
◉Which of the following statement(s) about provisional posting is
(are) FALSE?. Answer: Provisional posting can be used whether the
accounting systems uses real-time or batch posting.
◉Which of the following define(s) trade credit?. Answer: Credit
extended to an organization s business customers.
◉Which of the following activities are included in the revenue
process of a merchandising organization?. Answer: All of these are
activities in the revenue process for a merchandising organization.
, ◉When a retail cash sale is made, the transaction data are stored in
which file(s)?. Answer: Sales transaction file and cash receipts
transaction file.
◉Which of the following is used as a source document for entering
receipts in the cash receipts transaction file?. Answer: Customer s
remittance advice.
◉Which of the following defines cycle billing?. Answer: Spreading
customer billing throughout the month.
◉Which of the following statements regarding sales returns in
FALSE?. Answer: A sales return requires a partial reduction of sales
revenue.
◉Which of the following describe(s) the term FOB point ?. Answer:
The location at which title to goods changes from the shipper (i.e.,
seller) organization to the customer.
◉Which of the following defines a credit limit?. Answer: The
maximum amount of credit an organization will extend to a
particular customer.
◉What is the difference or similarity between open item and
balance forward billing?. Answer: The open item method applies
QUESTIONS WITH SOLUTIONS GRADED A+
◉Which of the following defines a statistical account?. Answer: An
account that accumulates physical as opposed to monetary data
◉Which of the following defines the dollar-entry function?. Answer:
The feature that saves three keystrokes by not having to enter a
decimal point or cents for even dollar amounts.
◉Which of the following defines a master account?. Answer: An
account that is similar to a control account.
◉In what form are data transferred to the general ledger module
from other modules?. Answer: In detail or summary form.
◉Which of the following defines the auto-enter function?. Answer:
The feature that moves the curser automatically to the next field, so
the user does not have to press the enter key.
,◉Which of the following describe(s) the type(s) of transactions in
the financial process?. Answer: All of these are types of transactions
in the financial process.
◉Which of the following is TRUE regarding inactive accounts?.
Answer: After an account has been designated as inactive, no entries
can be made to that account; but it is NOT immediately deleted from
the general ledger.
◉Why is the time-sensitive entries feature useful?. Answer: It avoids
the requirement that the books for the last period be closed prior to
posting any entries for the new period.
◉Which of the following statement(s) about provisional posting is
(are) FALSE?. Answer: Provisional posting can be used whether the
accounting systems uses real-time or batch posting.
◉Which of the following define(s) trade credit?. Answer: Credit
extended to an organization s business customers.
◉Which of the following activities are included in the revenue
process of a merchandising organization?. Answer: All of these are
activities in the revenue process for a merchandising organization.
, ◉When a retail cash sale is made, the transaction data are stored in
which file(s)?. Answer: Sales transaction file and cash receipts
transaction file.
◉Which of the following is used as a source document for entering
receipts in the cash receipts transaction file?. Answer: Customer s
remittance advice.
◉Which of the following defines cycle billing?. Answer: Spreading
customer billing throughout the month.
◉Which of the following statements regarding sales returns in
FALSE?. Answer: A sales return requires a partial reduction of sales
revenue.
◉Which of the following describe(s) the term FOB point ?. Answer:
The location at which title to goods changes from the shipper (i.e.,
seller) organization to the customer.
◉Which of the following defines a credit limit?. Answer: The
maximum amount of credit an organization will extend to a
particular customer.
◉What is the difference or similarity between open item and
balance forward billing?. Answer: The open item method applies
