COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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You have just finished modifying an accounting method. What is the final step to complete the accounting method configuration?
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Activate its journal entry rule set assignments.
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Transfer costs to Cost Management.
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Execute the Preprocessor.
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Create Accounting.
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Transfer transactions from Receiving to Costing.
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Explanation:
Detailed explanation-1: -Subledger journal entry rule sets provide the definition for generating a complete journal entry for an accounting event. Select the option to define the subledger journal entry rule set for a particular accounting event class or accounting event type.
Detailed explanation-2: -The rule of journal entry requires the total of debits and credits to be equal, but the number of credits and debits do not have to be equal. For example, there may be one debit but two or more credits, or one credit and two or more debits, or even two or more credits and debits.
Detailed explanation-3: -The following are the subcomponents of a subledger journal entry rule set: Description rules. Journal line rules. Account rules.
There is 1 question to complete.