Podcast
Questions and Answers
What is a primary reason for using document splitting in the general ledger?
What is a primary reason for using document splitting in the general ledger?
What is the first step in the financial closing process after collecting data in the intercompany reconciliation tool?
What is the first step in the financial closing process after collecting data in the intercompany reconciliation tool?
During the vendor invoice processing, which of the following actions is typically NOT performed?
During the vendor invoice processing, which of the following actions is typically NOT performed?
In cost of sales accounting, which approach is primarily used to manage inventory costs?
In cost of sales accounting, which approach is primarily used to manage inventory costs?
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When setting up exchange rate configuration, which currency type must be stored in the data entry view for a custom currency type Z1?
When setting up exchange rate configuration, which currency type must be stored in the data entry view for a custom currency type Z1?
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What is typically the last step in the intercompany reconciliation process?
What is typically the last step in the intercompany reconciliation process?
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Which options can be used to assign a segment to a posting line besides the profit center? Select two.
Which options can be used to assign a segment to a posting line besides the profit center? Select two.
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What setting for asset-related postings in depreciation areas would likely lead to an error?
What setting for asset-related postings in depreciation areas would likely lead to an error?
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From which of the following dates can the baseline date for payment terms of an incoming invoice be derived? Select three.
From which of the following dates can the baseline date for payment terms of an incoming invoice be derived? Select three.
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Which method allows for different values in financial closing procedures for US GAAP and IFRS?
Which method allows for different values in financial closing procedures for US GAAP and IFRS?
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In relation to document splitting in General Ledger accounting, which option is not valid?
In relation to document splitting in General Ledger accounting, which option is not valid?
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Which of the following statements about vendor invoice processing is inaccurate?
Which of the following statements about vendor invoice processing is inaccurate?
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What is a potential outcome of incorrectly configuring an asset's depreciation area?
What is a potential outcome of incorrectly configuring an asset's depreciation area?
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Which of the following is a requirement for effective exchange rate configuration?
Which of the following is a requirement for effective exchange rate configuration?
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What is the main purpose of a profit center in accounting?
What is the main purpose of a profit center in accounting?
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Which action is necessary for completing year-end closing in Asset Accounting?
Which action is necessary for completing year-end closing in Asset Accounting?
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What should be done to configure a new exchange rate type in SAP S/4 HANA?
What should be done to configure a new exchange rate type in SAP S/4 HANA?
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What is the recommended organizational unit for managing cost of sales accounting?
What is the recommended organizational unit for managing cost of sales accounting?
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Which of the following checks is NOT part of the year-end closing program in Accounting?
Which of the following checks is NOT part of the year-end closing program in Accounting?
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Which field can typically be modified on a posted invoice in the context of vendor invoice processing?
Which field can typically be modified on a posted invoice in the context of vendor invoice processing?
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Study Notes
Supplier Reconciliation
- Supplier reconciliation involves managing general ledger (G/L) accounts specifically for supplier transactions.
- Options include alternative reconciliation G/L accounts and maintaining individual supplier accounts with special G/L indicators.
General Ledger Accounting
- Offers options for segment assignment in postings through:
- Definition of validation rules to ensure proper posting.
- Using standard account assignment with constants.
- Assigning default segments to G/L accounts.
- The method
FAGL_DERIVE_SEGMENTallows segment assignment through bad implementation.
Assets Accounting
- In configuring asset-related postings in a company using the ledger approach for parallel valuation:
- An area posting assets in real-time without periodic depreciation is valid.
- Error occurs when an area posts Acquisition and Production Cost (APC) immediately while depreciation is periodic.
- Areas that post depreciation only or do not post are configured correctly.
Accounts Payable & Receivable
- Default baseline date settings for incoming invoices can derive from:
- Document date.
- Value date.
- Posting date.
- Entry date and goods receipt date are not standard derivation sources.
Financial Closing
- Foreign currency valuation for US GAAP and IFRS requires different setups; options include:
- Using document splitting for the general ledger.
- Deploying SAP S/4 Hana Cloud for better integration.
Intercompany Reconciliation Process
- After data collection, the reconciliation process requires:
- Storing the data.
- Presenting reconciled and non-reconciled data.
- Communicating differences before posting correction documents.
Organizational Assignment and Process Integration
- For defining a custom currency type (Z1), necessary data entry includes:
- Cost center.
- Functional area specifically for custom configurations.
Asset Accounting Year-End Process
- Year-end closing checks include:
- Ensuring full depreciation is posted for all assets.
- Validating completion of the fixed asset fiscal year change.
- Closing posting periods for asset G/L accounts.
- Ensuring asset master data is complete and error-free.
Configuring Exchange Rate Types in SAP S/4 HANA
- Requirements to configure new exchange rate types include:
- Specifying a purpose for the exchange rate type.
- Maintaining daily exchange rates.
- Establishing relationships between currencies using transaction ratios.
Recommended Organizational Unit
- For cost of sales accounting, the recommended organizational unit is the profit center.
Modifications on Posted Invoices
- Certain fields in posted invoices are changeable after posting, aiding in financial adjustments.
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Description
Test your knowledge on general ledger accounting practices, including supplier reconciliation and document splitting. This quiz will cover various aspects of G/L accounts and the options available for segment assignment. Challenge yourself with multiple-choice questions focused on practical applications.
