Podcast
Questions and Answers
What properties do account groups control?
What properties do account groups control?
- Field status of master fields, number range, and whether accounts are P&L or B/S (correct)
- Field status of master fields
- Field status of transaction fields
- Field status of master fields and number range
Under what circumstances can you post transactions to an account in any currency?
Under what circumstances can you post transactions to an account in any currency?
- Under all circumstances
- Account currency is not maintained
- Account currency is different from company code currency (correct)
- Account currency is same as local currency of the company code
To which accounts can you carry forward P&L account balances?
To which accounts can you carry forward P&L account balances?
- Single retained earnings account, automatically
- Single retained earnings accounts, through period end processing (correct)
- Multiple retained earnings accounts, through period end processing
- Multiple retained earnings accounts, automatically
What determines the default exchange rate picked up during FI document?
What determines the default exchange rate picked up during FI document?
When can you clear open items?
When can you clear open items?
In what situations can you post transactions to an account in any currency?
In what situations can you post transactions to an account in any currency?
When running foreign currency valuations on G/L accounts, which accounts are included?
When running foreign currency valuations on G/L accounts, which accounts are included?
How can you display account balances of several related accounts?
How can you display account balances of several related accounts?
What are Fast entry screens in FI used to enter?
What are Fast entry screens in FI used to enter?
What are easily entered document entry templates called?
What are easily entered document entry templates called?
What decisions are made using posting keys?
What decisions are made using posting keys?
How many parallel currencies are possible and at what level are they assigned?
How many parallel currencies are possible and at what level are they assigned?
What type of document number must be assigned when reversing a posted document?
What type of document number must be assigned when reversing a posted document?
In which currency can financial statements be generated?
In which currency can financial statements be generated?
What views are maintained for vendor master data?
What views are maintained for vendor master data?
What type of line items are entered using Fast entry screens in FI?
What type of line items are entered using Fast entry screens in FI?
How many parallel currencies are possible and at what level are they assigned?
How many parallel currencies are possible and at what level are they assigned?
When reversing a posted document, what must the document number be?
When reversing a posted document, what must the document number be?
What accounts are included when running foreign currency valuations on G/L accounts?
What accounts are included when running foreign currency valuations on G/L accounts?
How can you display account balances of several related accounts?
How can you display account balances of several related accounts?
What are easily entered document entry templates called?
What are easily entered document entry templates called?
What are posting keys used to decide?
What are posting keys used to decide?
What properties do account groups control?
What properties do account groups control?
Under what circumstances can you post transactions to an account in any currency?
Under what circumstances can you post transactions to an account in any currency?
When can you carry forward P&L account balances?
When can you carry forward P&L account balances?
What determines the default exchange rate picked up during FI document?
What determines the default exchange rate picked up during FI document?
Under what conditions can you clear open items?
Under what conditions can you clear open items?
In which scenario can you post transactions to an account in any currency?
In which scenario can you post transactions to an account in any currency?
Study Notes
Account Groups and Properties
- Account groups control various properties.
Posting Transactions
- Transactions can be posted to an account in any currency when the account is set up as an open item managed account or when the transaction is marked as a non-valuated transaction.
Carrying Forward P&L Account Balances
- P&L account balances can be carried forward to retained earnings accounts.
Default Exchange Rate
- The default exchange rate is determined by the exchange rate type assigned to the company code.
Clearing Open Items
- Open items can be cleared when they are fully paid or when the payment amount is equal to the invoice amount.
Foreign Currency Valuations
- When running foreign currency valuations on G/L accounts, only accounts that are relevant for translation are included.
Displaying Account Balances
- Account balances of several related accounts can be displayed using account groups.
Fast Entry Screens
- Fast entry screens in FI are used to enter line items quickly and efficiently.
Document Entry Templates
- Easily entered document entry templates are called document templates.
Posting Keys
- Posting keys are used to decide the posting status, posting date, and document type of a transaction.
Parallel Currencies
- Up to three parallel currencies can be assigned, and they are assigned at the company code level.
Reversing Posted Documents
- When reversing a posted document, the document number must be a reversal document number.
Financial Statements
- Financial statements can be generated in the local currency, as well as up to two parallel currencies.
Vendor Master Data
- Vendor master data is maintained in multiple views, including the general data, company code data, and purchasing data views.
Document Entry
- Line items, such as invoices, credit memos, and payments, are entered using Fast entry screens in FI.
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Description
Test your knowledge on SAP FICO with these certification questions and answers. This quiz covers topics such as account groups and their control properties, as well as posting transactions to accounts in different currencies.
