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Financial Accounting Quiz
40 Questions
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Financial Accounting Quiz

Created by
@ZippyCynicalRealism

Questions and Answers

What is the full form of APP?

  • Automatic paying procedure
  • Automatic payment program (correct)
  • Automatic program of payment
  • Automated payment program

    • The Only Balances in Local Currency indicator should be set in reconciliation accounts for customers.

    False

    A posting key controls the _______ and ________ of a line item.

    Debit

    What is the t code for viewing the report screen of a customer?

    <p>FBL5N</p> Signup and view all the answers

    What is the purpose of field status groups?

    <p>All of the above</p> Signup and view all the answers

    Segment is derived from which entity?

    <p>Profit centre</p> Signup and view all the answers

    Match the terms with their definitions:

    <p>OBD4 = Define field status PPV = Posting period variant DZ = Document type for customer payment Dunning area = Separate invoice notices for products and services</p> Signup and view all the answers

    The account number of a vendor is created at which level?

    <p>Client level</p> Signup and view all the answers

    At which organizational level do you maintain source lists?

    <p>Client</p> Signup and view all the answers

    The system assigns the document number during the 'Simulate' action for Financial Accounting.

    <p>False</p> Signup and view all the answers

    Which currency type is set as standard during the creation of a G/L account in SAP S/4HANA?

    <p>Local currency</p> Signup and view all the answers

    The balance is carried forward in the ______ account.

    <p>Balance sheet</p> Signup and view all the answers

    What controls the requirement for entry in the Reference Document Number field?

    <p>Document field status</p> Signup and view all the answers

    Match the following terms with their correct descriptions:

    <p>Account selection = First step in the dunning run process Item selection = Second step in the dunning run process Dun line items = Final step in the dunning run process</p> Signup and view all the answers

    The 'Only Balances in Local Currency' indicator means transaction figures are managed for amounts in any currency.

    <p>False</p> Signup and view all the answers

    Which of the following statements is NOT true regarding balances in Local Currency?

    <p>All transactions are recorded in local currency only.</p> Signup and view all the answers

    Which statement is true regarding payment blocks during a payment proposal?

    <p>Any payment block can be removed in payment proposal edit.</p> Signup and view all the answers

    The maximum dunning levels that can be defined in a dunning procedure is nine.

    <p>False</p> Signup and view all the answers

    Which posting method can be used for depreciation postings?

    <p>Any one of the above</p> Signup and view all the answers

    Tolerance groups are applied for _____ and customers.

    <p>Vendors</p> Signup and view all the answers

    What is the posting period variant used for?

    <p>Both.</p> Signup and view all the answers

    FS00 is used for which of the following?

    <p>Ledger creation.</p> Signup and view all the answers

    A company code can have only one local currency.

    <p>True</p> Signup and view all the answers

    Match the following SAP transaction codes with their primary functions:

    <p>F-02 = Ledger posting FS00 = Ledger creation OX02 = Creating company code F-03 = Ledger reversal</p> Signup and view all the answers

    Which of the following account types are available in SAP?

    <p>customer, vendor, GL, asset, material</p> Signup and view all the answers

    In the dunning program, we can delete the proposal once it's created.

    <p>False</p> Signup and view all the answers

    What are the three data types in SAP?

    <p>master data, transaction data, and balance data</p> Signup and view all the answers

    The indicator for Open Item Management in a general ledger account indicates that the items posted can be either __________ or __________.

    <p>Open; Cleared</p> Signup and view all the answers

    Which functionality allows you to enter a document without updating the ledger immediately?

    <p>parked document</p> Signup and view all the answers

    Match the following enterprise structure components:

    <p>Client = A top-level organizational unit Company = A legally independent entity Company Code = Basic organizational unit for financial accounting</p> Signup and view all the answers

    Which of the following statements about maintaining a G/L account is correct?

    <p>Account Type must be defined</p> Signup and view all the answers

    What happens to the original invoices in a partial payment process?

    <p>They remain as open items.</p> Signup and view all the answers

    Which statement about exchange rates is correct?

    <p>Company can use both direct and indirect exchange rates.</p> Signup and view all the answers

    Each G/L account code in the group COA can be mapped to many account codes in the operating COA.

    <p>True</p> Signup and view all the answers

    What controls the posting in a G/L account?

    <p>Account group of the G/L account, field status group in the chart of accounts segment, and field status group in the company code segment.</p> Signup and view all the answers

    Financial statements can be generated in ______.

    <p>any currency for which customization is maintained.</p> Signup and view all the answers

    When can you post transactions to an account in any currency?

    <p>When the account currency is the same as the local currency of the company code.</p> Signup and view all the answers

    Which of the following are properties controlled by account groups?

    <p>Field status of master fields, number range, and whether accounts are P&amp;L or B/S.</p> Signup and view all the answers

    Match the following components to their descriptions:

    <p>Business area = Available for all company codes in the client Account currency = Currency maintained in the G/L account Field status group = Controls the availability of fields for entry Chart of accounts = Organizes G/L accounts for recording transactions</p> Signup and view all the answers

    What options are automatically provided to users during the payment process?

    <p>Select open invoices to be paid or collected, post payment documents, and print payment media.</p> Signup and view all the answers

    Study Notes

    Organizational Levels for Source Lists

    • Source lists can be maintained at the Company Code, Client, Purchasing Organization, and Plant levels.

    Document Number Assignment in Financial Accounting

    • Document numbers are assigned during actions such as Park, Hold, and Simulate.

    Standard Currency Types in Customizing Activity

    • Standard currency types include Material Ledger Currency, Transaction Currency, and Local Currency.

    Required Reference Document Number Field

    • The Reference Document Number field's entry requirement is controlled by the Document Field Status.

    Steps in the Dunning Run

    • The dunning run occurs in the sequence of Account Selection, Dunning Line Items, and then Dunning Account.

    Account Balance Carry Forward

    • Balances are carried forward in Balance Sheet accounts.

    Default Account Currency in SAP S/4HANA

    • SAP S/4HANA defaults to Local Currency when creating a G/L account.

    Local Currency Balances Indicator

    • True statements about Local Currency include that it must not be set in reconciliation accounts for customers or vendors and is usually set in balance sheet accounts.

    APP Full Form

    • APP stands for Automatic Payment Program.

    Use of OBD4

    • OBD4 is used for defining field status.

    T code for Viewing Customer Report

    • FBL5N is used to view the report screen of a customer.

    Posting Key Control

    • Posting Key controls Debit and Credit entries.

    Dunning Procedure for Separate Invoices

    • A Dunning Area should be maintained for sending separate notices for product and services.

    PPV Definition

    • PPV stands for Posting Period Variant.

    Document Type for Customer Payment

    • Common document types for customer payments include DZ, KZ, DR, and DA.

    Segments in Accounting

    • Segments are derived from Profit Center.

    Vendor Account Creation Level

    • Vendor account numbers are created at the Client level.

    Field Status Group Usage

    • Field Status Group is used to define which fields are displayed during transactions to G/L accounts.

    Payment Block Removal

    • Any payment block can be removed in the payment proposal edit.

    Maximum Dunning Levels

    • The maximum dunning levels defined in a dunning procedure is nine.

    Depreciation Postings

    • Depreciation postings can be executed through background processing (batch input session) or direct FI postings.

    Changing Reconciliation Accounts

    • To avoid changing a reconciliation account in customer master data, the field status of the customer account group is used.

    Tolerance Groups Application

    • Tolerance groups apply to Vendors, Customers, General Ledger, and Employees.

    Posting Period Variant Purpose

    • Posting Period Variants control which accounting periods are open for posting.

    FS00 Functionality

    • FS00 is used for General Ledger account creation.

    F-02 Transaction Purpose

    • F-02 is utilized for ledger posting.

    OX02 Functionality

    • OX02 is used for creating company codes.

    Maximum User Sessions in SAP

    • Users can open a maximum of six sessions when logging into SAP.

    Company Code Local Currency Limitations

    • A Company Code can maintain one local currency only.

    G/L Account Postings and Chart of Accounts

    • Postings are done in the operative chart of accounts.

    Exchange Rate Usage

    • Companies can use both direct and indirect exchange rates.

    G/L Account Posting Control

    • Posting in a G/L account is controlled by the field status group of the G/L account, the company code segment, and the account group.

    Mapping G/L Accounts

    • Each G/L account code in the group COA can be mapped to only one account code in the operating COA.

    Business Area Accessibility

    • Once defined, a Business Area is available for use to all company codes in the client.

    Payment Process Options

    • In the payment process, users can select open invoices to be paid, post payment documents, and print payment media.

    Account Groups Control Properties

    • Account Groups control field status of transaction fields, master fields, number range, and whether accounts are P&L or B/S.

    Currency Transaction Posting Conditions

    • Transactions can be posted in any currency if the account currency is not maintained.

    Local Currencies in Chart of Accounts

    • A chart of accounts can have up to three local currencies.

    Financial Statement Generation

    • Financial statements can be generated in local currency, document currency, and controlling area currency.

    Check Management for Payments

    • Check management is possible for outgoing payments related to vendors, customers, and G/L accounts.

    Document Entry Control

    • For document entry without immediate ledger updating, the parked document functionality is used.

    Open Items in Payment Processes

    • Original invoices remain as open items in residual and partial payments.

    SAP Account Types

    • Different account types in SAP include Customer, Vendor, GL, Asset, and Material.

    SAP Data Types

    • The three data types in SAP are Master Data, Transaction Data, and Balance Data.

    Dunning Program Execution Features

    • When running the dunning program, proposals can be edited, and the dunning data is updated in master records after the proposal completion.

    Components of Enterprise Structure

    • Key components include Client, Company, and Company Code.

    Open Item Management in G/L Accounts

    • Items can be open or cleared when the Open Item Management indicator is set in a G/L account's master record.

    G/L Account Maintenance Entries

    • Entries maintained for G/L accounts include Account Type, Field Status Group, and Account Group.

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    Description

    Test your knowledge of key concepts in Financial Accounting. This quiz covers topics such as organizational levels for source lists and assignment of document numbers. Perfect for those studying financial management principles.

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