Which of the following are the month-end closing activities for external purposes?
Choose the correct answers. Perform foreign currency valuations Create external and internal reports Post goods issues for deliveries to customers Close the old period.
The managerial closing activities include locking the old accounting period.
Determine whether this statement is true or false. True False.
Managerial Closing Activities- Perform Controlling (CO) allocations and reposting Lock the old accounting period. Reopen the G/L for adjustment postings Post goods issues for deliveries to customers.
The preclosing activities that occur on the last day of previous month are- Open a new accounting period in Financial Accounting (FI), close the previous month in
materials management (MM), close subledgers in FI, and perform a preliminary close of
the general ledger (G/L) in FI. enter accruals and deferrals, process recurring entries, and
process bad debt expenses in accounts receivable (AR). Maintain the goods receipt and invoice receipt (GR/IR) clearing account, and post material
revaluations Post payroll expenses. Post goods issues for deliveries to customers. Lock the old accounting period.
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