Accounting and Financial Management Modules

Question 1

Core Accounting

Answer 1

AP, AR & GL (Accounts Receivable, Accounts Payable and General Ledger)

Question 2

What is Accounts Payable?

Answer 2

Money that the business owes

Question 3

What is Accounts Receivable?

Answer 3

Money owed to the business

Question 4

What is a General Ledger?

Answer 4

A complete record of all company transactions.

Question 5

What is Bank Reconciliation?

Answer 5

This is the process by which the bank account balance in an organizations books of account is reconciled to the balance reported by the financial institution in the most recent bank statement. Any difference between the two figures needs to be examined

Question 6

List the 8 modules of Accounting/Financial Management

Answer 6

Billing and invoicing 
Budgeting & Forecasting 
Core Accounting 
Fixed Asset Tracking
Fund Accounting 
Inventory Management 
Payroll Managment 
Project Accounting

Question 7

Budgeting/Forcasting

Answer 7

A set of interlinked plans that quantitatively describe a company’s projects future operations.

Question 8

Payroll

Answer 8

• Tracks payments of employees, write/print checks, calculate tax withholdings (can be done inhouse or outsourced)
• A very low amount of buyers will “need” payroll as part of their ERP suite.

Question 9

Fixed Asset Tracking

Answer 9

Tangible assets or property, plant and equipment (PP&E), is a term used in accounting for assets and property that cannot easily be converted into cash. (computers, buildings, machines, etc)

Question 10

What is Fund Accounting?

Answer 10

Accounting system for non profits that tracks how grant and donation money is spent and put towards different projects. (90% on nonprofits need this)

Question 11

What is Grant Management?

Answer 11

Manages the actual application of grants and follow through process. (Usually a nice to have)