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Answer the following questions to see what you've learned.

1.

What happens when you select the Automatic Insurance Posting option on the Fixed Asset Setup page?

When you post a purchase invoice for an insurance, the program creates an insurance policy automatically.

When you create a new insurance policy, the program automatically posts a purchase invoice based on the Vendor No. field and the Annual Premium field on the insurance card.

The program posts insurance coverage ledger entries automatically when you post acquisition cost entries with the Insurance No. field filled in.

When you create a new fixed asset, the program creates an insurance policy automatically.

2.

If the terms and conditions of an insurance policy change, how would you update the Policy Coverage field on an insurance policy card?

Manually

By posting a line from the insurance journal

By entering the Policy Coverage field on a purchase line or journal line

By running the Index Insurances report

You must answer all questions before checking your work.

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