📊 Record-to-Report (R2R) Quiz

Test your knowledge of GL posting, reconciliations, and financial close

📋 Quiz Instructions:
This quiz has 10 questions covering R2R fundamentals. Select your answers and click "Submit Quiz" to see your results.

1. What is the first step in the financial close process?

Prepare financial statements Record transactions in the GL Audit the accounts Distribute financial reports

2. What is the purpose of bank reconciliation?

To reduce bank fees To ensure book balance matches bank statement To increase cash flow To process refunds faster

3. Which account reconciliation should be completed first in R2R?

Accounts Payable Accounts Receivable Cash and Bank accounts Revenue accounts

4. What is a GL variance in accounting?

The difference between two GL accounts The difference between expected and actual values in an account The variance calculation for budgets only A change in GL account structure

5. True or False: A deferred revenue account is a liability?

True False

6. What does COGS stand for in R2R?

Capital Operating Growth Strategy Cost of Goods Sold Cash Operating Group Structure Corporate Operations Global System

7. What is the normal balance for an asset account?

Debit Credit Zero Either debit or credit

8. What is the purpose of account reconciliation in R2R?

To reduce accounting staff To ensure GL balances match supporting documentation To accelerate month end To reduce GL account count

9. What is an intercompany reconciliation?

Reconciling balances between legal entities or companies Reconciling between two bank accounts Reconciling supplier statements Reconciling customer invoices

10. What does consolidation accomplish in R2R?

Simplifies the GL structure only Combines financial results from multiple entities into one consolidated statement Eliminates all GL accounts Reduces monthly close time only

Quiz Results

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