A manager has decided to close the period by not allowing any new transactions, except for corrections and adjustments, which can happen any time before the period is closed permanently. Which cost period status will allow the system to perform the transaction?

COST MANAGEMENT SYSTEMS

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Open
B	Closed
C	Permanently Closed
D	Never Opened
E	Close Pending

Explanation:

Detailed explanation-1: -Never Opened: Journal entry and posting are not allowed. General Ledger assigns this status to any period preceding the first period ever opened in your calendar, or to any period that has been defined, but is not yet future-enterable. You cannot change this period status.

Detailed explanation-2: -According to Oracle documentation, the functionality ‘prevents the closure of a General Ledger accounting period if the accounting period for any of the corresponding subledgers is still open or if incomplete accounting entries or transactions exist for the period.

Detailed explanation-3: -Yes. You can still create entries for any period that has a status of Open or Future Enterable. You can post to any period that has a status of Open.

Detailed explanation-4: -No one can make general ledger impacting changes to posting transactions in a closed period. The period must be reopened before these changes can be posted.

There is 1 question to complete.

ECONOMICS

COST ACCOUNTING

COST MANAGEMENT SYSTEMS