Cm_fi_pt1

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Title of test:
Cm_fi_pt1

Description:
CM FI PT1

Author:
lokardb
(Other tests from this author)

Creation Date:
19/05/2015

Category:
Personal
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Content:
Select here below the steps for defining a financial statement version (FSV): Define the required hierarchy levels then assign the accounts. Make an entry for the new FSV in the directory of financial statement versions. Choose a form, then select characteristics for profit and loss accounts. Define columns for the required periods, actual values, budget values and variance.
Identify the correct statements in relation with Account Groups. Needs to be defined for every Company Code. Defines the number range for a master record. Determines the fields for a data entry screen based on the field status given to each account group. They are always Chart of Account dependent.
Identify the correct statements pertaining to the creation of customer master records. The company code is not always a required entry. Information on each screen can be defined in configuration as mandatory, suppressed or optional depending on the company code. An account group does not always need to be assigned to a customer. The account number may be assigned by the user externally. Information on each screen can be defined in configuration as mandatory, suppressed, or optional depending on the account group.
A Chart of Accounts can be modified to fit a company's requirements, but a Chart of Depreciation is always Country-specific. True False.
Document number ranges can be freely defined for each company code. True False.
Controlling Area can include one or more company codes. True False.
Identify the correct statements pertaining to Debit Balance Check. The debit balance check can be maintained in a vendor's line items. When a vendor account has a debit balance all line items are shown in the exception list. Accounts blocked as the result of a debit check will remain blocked even if the payment proposal is later deleted. A debit balance check can be performed after a payment proposal has been created. A debit balance check is always carried out after the payment run.
Depreciation attributes can be proposed for each depreciation area. True False.
When you choose depreciation key 0000 for an AuC, depreciation will not be calculated. True False.
It is possible to define any number of financial statement versions per Chart of Accounts. True False.
Select the correct statements. The numeric keys represent depreciation terms that cannot be entered in the asset master record or in the asset classes. Each company code is assigned to exactly one Chart of Depreciation. The system uses Depreciation Area 01 to calculate ordinary depreciation. The depreciation is then posted to GL accounts.
What types of lists are used in reports to display information? Detail list Drilldown list Drop-down list Search list.
A report definition can contain characteristics, key figures and forms. True False.
In a detail list Key figures are normally represented by the rows of the detail list. True False.
Identify here below the sort criteria used to group dunning notices. The different dunning levels Grouping key Dunning key.
Paying and sending company codes balance by generating cross-company postings: Automatically Manually Depends on the user's preference.
The Payment program lets you automatically: Print payment media Post payment documents Select open invoices for payment All of the above.
The Automatic Payment Program is a tool that helps users manage payables. True False.
Identify the steps for the Payment process. Generation of a proposal Generation of the exception list Setting parameters Printing payment media Scheduling the payment run.
Select the correct statements pertaining to foreign currency valuation. Foreign currency valuation is required if vendor accounts have open items in foreign currency. Foreign currency valuation can be used for GL account balances in foreign currency. Foreign currency valuation is required for vendor account open items in local currency. Foreign currency valuation can be used for customer open items in locan and foreign currency. Foreign currency valuation is required if vendor accounts have cleared items in foreign currency.
What is the advantage of using different account groups? Similar type of accounts will be in the same number. Accounts of same type are scattered. None of the above.
Chart of Accounts can be assigned to: Client Company Code Business Area GL Accounts.
Which lists here below can be printed to assist in editing a dunning proposal? Blocked accounts Blocked line items Sales statistics Condensed customer master data.
If a vendor is also a customer within the same Company Code, is it possible to clear their outstanding payables against their outstanding receivables? If this is the case, what settings would be needed to make this work? The vendor and the customer have to be assigned to the same group account. The vendor number has to be entered in the customer account or the customer number has to be entered in the vendor account. The "Clearing with Vendor" field has to be selected in the customer account, and the corresponding field has to be selected in the vendor account. The Payment Program has to be set up to enable debit checks for vendors and credit checks for customers. Oustanding payables cannot be cleared against oustanding receivables.
What special feature becomes available when external number assignments are usable for specific document types? The number ranges can overlap. The number ranges are usable across all Company Codes. The numbers can be alphanumeric. The system will issue the numbers automatically.
What preconditions allow the use of cross-company cost accounting? Use of the same variant for open periods in all Company Codes. Use of the same currency in all Company Codes. Use of the same Chart of Accounts for all Company Codes. Use of the same Fiscal Year for all Company Codes.
What are the different types of Special GL transactions? Free offsetting entry Automatic offsetting entry Document parking Noted item.
Segments can automatically be derived from a: GL account Functional Area Profit Center Cost Center.
Which situations below will result in inter-company posting documents? Central currency valuation Central payment Central procurement Central cash journal.
At what level is the vendor account number assigned? The Company Code segment level. A combination of Client and Purchasing Organization segment level. A combination of Client and Company Code segment level. The Client level.
Which of the below are standard SAP ERP Year-specific predefined year variants? K2 K3 R1 UL WK K4.
In SAP ERP currencies are defined using a currency flag. True False.
Reconciliation accounts can be updated between one and twelve times a day. True False.
When a GL account is managed in a local currency, it cannot be posted to in a foreign currency. True False.
Reconciliation accounts contain the total of the transaction figures that are used to automatically reconcile FI and CO. True False.
The same segment cannot be assigned to multiple Profit Centers. True False.
A complete customer account normally has the following parts: General Data Terms of Payment Company Code segment Sales Area segment Purchasing Organization segment.
The same number range can be assigned to different account groups. True False.
The document type is mainly responsible for: Specifying that the amount is either a debit or a credit. Determining the length of the text in the document description field. Account types permitted for postings. Tolerances for exchange rate variation in the document. Number ranges for document numbers.
Whar the the most important control functions of a posting key? It controls entries in the document header. It determines the exchange rate type that can be used while posting documents. Definition of the account types that can be posted to. Indicate the account side (debit or credit). Field status of the additional account assignment.
Posting keys are always defined at the client level. True False.
Select here below the values that can be defaulted by the system for document entry: User master records Parameter memory System data User menu Accounting functions.
Identify the correct statements: Credit memos can be linked to invoices so they can become due on the same date. The day limits define the dates of the cash discount periods. Each installment in an installment plan must have its own terms of payment. The baseline date is the date that the system uses to determine the due date of an invoice. 'Terms of Payment' is a field in the General Data segment of a customer master record.
Identify the data required in automatic account determination for tax amounts. Rules Tax code Posting key Tax accounts Tax indicator.
Identify the incorrect statement here below: Cross-Company Code clearing accounts are always GL accounts. The Company Codes of a cross-Company Code transaction can have different local currencies. The cross-Company Code transaction number is a combination of the document number in the first Company Code, the first Company Code number, and the Fiscal Year. Documents with open items cannot be archived because open items represent incomplete transactions. All statements above are correct.
The SAP ERP generates the exchange rate differences automatically. True False.
Identify the correct list sequence for the steps in a payment program: Maintain parameters, Execute a payment run, Proposal run, Printing payment media Proposal run, Maintain parameters, Execute a payment run, Printing payment media Maintain parameters, Proposal run, Execute a payment run, Printing payment media Proposal run, Execute a payment run, Maintain parameters, Printing payment media.
The payment program uses the 'Next Posting Date' to determine if an open item has to be paid in the current or next payment run. True False.
A payment method can be entered in the account master record or in the line item. True False.
Identify the correct sequence for the four steps taken by the dunning program to perform an automatic dunning procedure. Maintain parameters, Proposal run, Edit dunning proposal, Print dunning notices. Maintain parameters, Print dunning notices, Edit dunning proposal, Proposal run. Maintain parameters, Edit dunning proposal, Proposal run, Print dunning notices. Proposal run, Maintain parameters, Edit dunning proposal, Print dunning notices.
The run date does not have to be the date when the dunning run is actually performed. True False.
An account is not dunned until all overdue items have exceeded the set minimum days in arrears. True False.
Once the dunning proposal has been created, any subsequent changes to the dunning data in items or master records will be ignored in the current dunning run. True False.
Text module 616 is used for dunning level 6. True False.
On a given account, SAP ERP cannot charge different interest rates based on the dollar amounts of balances or items. True False.
In order to create a new interest calculation indicator, a two-character interest indicator is needed along with an interest calculation type. True False.
It is possible to void a check and reverse the payment document at the same time. True False.
In the Lockbox process a check can have one of the three statuses. 1. Assigned 2. Partially Assigned 3. On Account True False.
Different Company Codes can be assigned to the same Chart of Depreciation True False.
SAP ERP supports the following direct types of depreciation: - Ordinary depreciation - Special depreciation - Unplanned depreciation True False.
Calculation methods can be assigned to a depreciation key. True False.
If scenarios in the New GL do not meet your company requirements, you can copy and edit an existing one to create your own scenario. True False.
Identify the correct statements pertaining to organizational structures. A client can have more than one Company Code. A Company Code can be part of a Company. The definition of a Company Code includes country, currency, and address. A business area can be created to exclusively produce financial statements for a Company Code. The country installation prgoram is limited to the creation of a country template and a country-specific template for controlling areas.
Select the correct statement below: The tax procedure for a company is assigned at the Company Code chart level. A currency must be assigned at the general Chart of Accounts level. Account groups are Chart of Account dependent. Postings can be made directly to a reconciliation account. General data for a GL account must be updated every time an account is extended from the general Chart of Accounts to Company Code.
Which of the following statements are correct about customer data? General data is valid for all Company Code and Sales Areas. The Company Code data must be created before you can record customer entries. Sales Area data is needed for the Sales & Distribution system. An Account Group is required to create customer master data The Account Group controls the field status for customer data.
Which of the following statements are correct? A primary cost element is supposed to be related to a GL expense account. Secondary cost elements are only used in controlling. Operational accounts are mapped to group accounts at the Company Code level. All P&L accounts must have an associated cost element. GL account blocking is only possible at account level.
Which of the following statements are correct: A GL account has 3 segments. Country accounts are mapped at the client level. It is possible to have more than one retained earnings account. A GL account number cannot be configured to have 12 digits. Account groups are Company Code dependent.
Which of the following statements are correct: Posting period variants control posting periods using a range of GL accounts. The special periods are mainly used to record Special GL transactions. Authorization groups can only be assigned to the first period interval. The number of posting periods depends on settings defined in the Fiscal Year variant. Any number of period intervals can be open at the same time.
Which of the following statements are correct? Changes can be made in a document header or line items. Amounts for posted transactions can be changed only if the appropriate settings have been configured accordingly. The document change rules are based on the account type, transaction class, and Company Code. Negative postings are not possible unless they are configured for the Company Code and include reason codes for negative reversals. If a System is not configured for negative postings, normal reversal posting will need to be made.
The Accrual Engine is characterized by which of the following? Stores Accrual Engine documents that have matching documents in Financials. Allows customers to change its components so it can be tailored for particular needs. The application components must be activated in order to run. It can configured to automatically accrue any type of transaction in all SAP modules. Two main processes are triggered from its application component.
Identify the correct statements below. Tax calculation procedure needs to be associated with the relevant Company Codes. Tax calculation procedure contains the order of the steps, conditions of tax, and the account keys for posting. Tax codes are valid for specific date ranges. For postings to the revenue account, account keys can be associated with conditon types in the calculation procedures. Tax codes can be used to calculate an additional tax portion.
Which of the following is incorrect regarding payments? Partial payments leave an open item on the account. Require the use of reason codes for auditing purposes. Can be charged off to a GL account or back to the customer account. Reason codes cannot be used to automatically post residual items to a GL account. Residual items create a new invoice and clear the old item.
Which of the following statements are correct regarding special GL indicators? They are used to post Special GL transactions from the application interface. Automatic offsetting entries are recorded in the body of the financial statements. Noted items are one sided and therefore aren't considered by the Payment Program. Special GL indicators show that a posting key is being used to record a special GL transaction. Free offsetting entries are recorded as a note to the financial statements.
Which of the following statements are correct regarding tax codes? They are used to verify tax amount. They are needed to correctly display tax on the tax forms. A separate tax code is needed for each tax rate and each tax type. Tax codes are date independent. Tax code properties are needed for countries that have special tax requirements.
Which of the following statements on payments are incorrect? The best way to optimize payments is based on postal codes. The selection of banks can be currency dependent or currency independent. Incoming payments clear open debits in Accounts Payable and outgoing payments clear open credits for Accounts Receivable. Available amounts are automatically updated after each payment run. All the above are incorrect.
Identify the incorrect statements regarding check management. When a check is voided the accounting entry always reverses automatically. Cancelling a payment can void the check and simultaneously reverse the accounting entry. There is no need to void unused checks therefore the option is not available. A reversal reason code is an option used to explain why a check was voided. If you create a new void reason code you must indicate whether it is used by the print program.
Which statements below are incorrect? Interest can be calculated for a specific item in an account or for the entire balance of an account. Balance interest can be evaluated on customer and vendor accounts as well as GL accounts. Different interest rates cannot be applied on line items in a given customer or vendor account. Interest calculation indicators are entered into the master record for the calculation of interest to take place. Interest rates for customers cannot be date dependent.
Identify the correct statements on Correspondence. A correspondence type is a class of letter sent out by a company. Required settings in the type include requiring a document number, account number, and the number of date fields. Each correspondence always has a correspondence type. A reason code can be used to create a particular correspondence. A correspondence type can be linked to a transaction in order to be launched automatcially.
Identify the incorrect statements about dunning. A dunning procedure must be entered into the master record for a customer or vendor to be considered. Dunning keys determine the number of letters that will be sent out. Each Company Code is required to send out its own correspondence. Dunning Areas are organizational entities that handle dunning for Company Codes. Charges for dunning can be based on a fixed amount or a percentage of the dunned amount.
Why does the accrual engine need to use account determination? To determine the CO object. To determine the correct posting period. To determine the document type. To determine debit and credit accounts.
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