question

Which of the following statements are correct for a company code?

answer

1. General ledger administration is set at the level of the company code 2. A controlling area can have many company codes 3. A company code can belong to one and only one controlling area

question

Each GL Account has a Chart of Account and Company Code segment. T/F

answer

True

question

Each GL Account is defined according to a Chart of Accounts. T/F

answer

True

question

Inside the GL Account you can view the balance for EACH Vendor. T/F

answer

False - to see the line item you have to go to the sub-ledger

question

Which of the following statements are correct for the Chart of Accounts?

answer

1. Can be country specific 2. Contains definition of all GL accounts 3. Has a company code assigned to it

question

The _______________ controls the creation of the company code segment fields for a General Ledger Account.

answer

Account Group

question

Which of the following statements are true regarding company codes?

answer

1. The general is managed at the company code level. 2. A client can have many company codes

question

Which of the following statements are regarding the chart of accounts? The chart of accounts...

answer

1. Contains the definitions of all GL accounts in an ordered form 2. Can be country-specific

question

What is the correct assignment for a company code?

answer

1. A company code is assigned to one control area.

question

How does the system ensure that the general ledger is reconciled with the accounts payable subsidiary ledger?

answer

1. The reconciliation account is entered in the vendor master record

question

Which of these statements are true regarding a company code?

answer

1. The GL is managed at company code level

question

Which attributes are present in the FI document line items?

answer

1. Amount 2. Posting Key - Whether its D/C

question

Which attributes are present in the FI document header?

answer

1. Document Type 2. Posting Date 3. Currency

question

From which of the following can financial statements be generated?

answer

1. Operative Chart of Accounts 2. Country-specific Chart of Accounts **Must be a Chart of Accounts**

question

Between which functions in the FI-MM modules does a direct relationship exist?

answer

1. Invoice verification - Accounts payable 2. Purchasing - invoice verification 3. Goods issue to production order - GL account

question

What transaction is used to view information on assets?

answer

1. Asset explorer

question

The integration between FI and CO is realized using:

answer

1. An additional account assignment with specification of the assignment object

question

What field facilities the integration of the vendor master record to financial accounting?

answer

1. Reconciliation Account

question

What is true regarding the operational chart of accounts?

answer

1. If cross company code controlling is required, the same COA must be used.

question

Identify the correct statement.

answer

The business area is used for internal P&L and balance sheet

question

When we create a GL account, the following entries must always be assigned:

answer

1. Account Group 2. Balance sheet or P&L account type 3. Short text

question

A client may contain...

answer

multiple charts of accounts

question

Which of the following are true?

answer

A plant must be allocated to a company code.

question

Which of the following statements are true?

answer

1. The business area can run across many company codes ex) All company codes can post in al business areas 2. Business areas are used to create inthrall balance sheets and income statements

question

Which of the following are advantages of the new general ledger?

answer

1. Real time integration with CO 2. Real time document splitting 3. Parallel accounting

question

What does the posting key determine?

answer

1. Account type to be posted 2. Whether the entry is a debit or credit 3. Which fields are required in the entry

question

Which of the following statements are correct?

answer

1. More than one chart of accounts can be created for each client 2. More than one company code can be allocated to the same chart of accounts

question

When will postings made in Financial Accounting update to Management Accounting (CO)?

answer

1. The statistical controlling object is entered on the FI posting 2. A real controlling object is entered on the FI posting

question

Which of the following statements are correct with regard to the Customer Master Records?

answer

1. Contain reconciliation account information 2. Are created using an account groups

question

Which of the following stamens are true concerning General ledger master records? The general ledger master record:

answer

1. Has a data segment defined at the charts of account level 2. Can be linked to a primary cost element in Management Accounting (CO)

question

Which of the following statements are true about FI Master Data?

answer

1. General Ledger accounts comprise a Chart of Accounts segment and a Company Code segment 2. Asset Master Data records are a single segment record where each asset is assigned to a company code, cost center, business area and so on. 3. Vendor master records have different segments at the organizational levels of client, company code and purchasing organization

question

What are the functions of the FI reconciliation accounts?

answer

1. Integrate the sub ledgers with the General ledger.

question

In order for more than one company code to be assigned to controlling area, what must the company codes and controlling area have in common?

answer

1. Operating chart of account and fiscal year variant

question

Cross-Company-Code Accounting requirements

answer

Cross-Company-Code Accounting requirements Both company codes must be within the same controlling area in addition to sharing an Operational Chart of Accounts and a Fiscal Year

question

FI integrates with the MM and SD modules. Which transactions, listed below, create a financial accounting document?

answer

1. Posting a goods receipt for a PO 2.Creating a billing document - selling to the customer

question

Which of the following statements are correct in regard to the asset explorer?

answer

1. You can see the business transactions that have been posted

Unit 3: Financial Accounting – Practice Questions (Quizzes, notes, etc) – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards