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Thanks for the positive feedback. Actually question 32 is "Select the incorrect statement" thats why option (a) is not a part of right answers. Please feel free to comment on any other aspect of the test(s). I really appreciate your
Thank you for creating test. Please make sure that ans are correct. You have selected that 'Hidden field may contain value" as incorrect ans. Which is not correct answer. Hidden fields may contain value, example some field is not used
| Which of the following statements is correct Company Code is a dependent accounting entity Company code is an independent accounting entity Legally required Financial statement is prepared at Business area level Legally required Financial Statement is prepared at Company code level Company Code is assigned to Business Area Business area is assigned to Company code Business area can be maximum of 7 characters Business Area and company code should always have 4 digits numeric characters.|
Select the incorrect statements Business area is linked with all the company codes
Business area is an area of responsibility Business area is used for segment reporting
Controlling is used for external reporting
Financial Accounting component is used for internal reporting
Company code is the highest level in the R/3 System.
Select the correct statement Specification or data that is valid for all organization unit is maintained at company code level
Every client has separate database
Business area cannot be used cross company code.
Select the correct statement(s) It is recommended to create new company code instead of copying any existing company code.
After copying company code from any standard company code only necessary changes are required to be made in company code.
In Global parameters setting for automatic accounts determination are made
Definition of company code includes 6 characters company code Description Name of system Name of client Country Language Address.
Global parameters of company code includes Chart of Accounts Field Status Group Field Status Variant Company code Default Fiscal Year variant.
Select correct statement(s) We define company code currency in company code which is also called local currency Country key in company code specify which country is to be regarded as home country. Language key is entered in company code to create text automatically in correct language In R/3 Company code 0001 is a template for a general compan y code with chart of account 1000.
Variant principle is a 4 step method used in mySAP ERP system true false.
Which of the following is not a step in variant principle method Definition of system objects Definition of variant Populate the variant with values.
Some of important variants in FI are Exchange rate variant Field status variant Posting period variant Calendar year variant Fiscal year variant.
Fiscal year can be defined as Year independent (Period can be different from year to year) Year dependent (the same number and dates for the period every year) Year dependent (Period can be different from year to year) Year independent (the same number and dates for the period every year).
Dependent fiscal year can be defined as Calendar Year Non Calendar Year Shortend fiscal year.
In fiscal year variant Set period opening Contains posting periods and special periods Fiscal year variant is assigned to business area and company code Special periods should always be 4 System derives posting period from the last date of the month System derives posting period from posting date. If the posting date falls within the last normal posting period, you cannot post transaction in one of the special periods.
If the fiscal year is defined as the noncalendar year, the posting periods are equal to the months of the year. true false.
If one of a fiscal year variant has less posting periods than the other it is called shortened fiscal year. true false.
Some of the Exchange rate types are: Spread rates Historical rate Bank Selling rate Base rate Average rate.
A currency key is Assigned to every currency used Three character code.
For every combination of two currencies you can maintain different excahge rate which are distinguished by an exchange rate type. true false.
Chart of account Contains list of GL Accounts Can be assigned to multiple company codes Cannot be assigned to multiple company codes.
Steps to create and use chart of accounts are: Define Chart of Accounts Define the properties of Chart of Accounts Assign the chart to business area Assign Chart of Accounts to Company codes.
There are three types of Chart of Accounts: Country Chart of Accounts Group Chart of Accounts Operational Chart of Accounts Alternative chart of accounts.
Select the correct statement Group Account number is assigned at Company code segment If company codes intend to use cross company code controlling they must use the same chart of accounts You cannot assign a group account number to each GL Account Group Chart of Account is entered in the properties fo Chart of Account Country Chart of Account is defined in the properties of Chart of Account Chart of Account can have mimum of 4 characters code GL Accounts can have maximum of 9 characters length Country chart of Account is entered in the the global parameters of Company codes.
Client May only contain single chart of accounts May contains multiple chart of accounts May only use one currency type May only have one controlling area.
Chart of Accounts contains following groups of fields Type and Description Key Word Translation Consolidation Information Bank/Interest Control Data.
The information entered in the Chart of accounts segments for a GL Accounts applies to all company codes even if any company code not using the same chart of account. true false.
You can search for a accounts number using key words true false.
If you enter group chart of account in Chart of Accounts properties then the field Group number is a required in Company code segment true false.
Company Code Segments of G/L account consist of following group of fields: Control Data Bank Interest Information Type/Description.
select the correct statement The chart of account segment for same GL account can be different depending on the requirement of the company code. The company code segment for same GL account can be different depending on the requirement of the company code Every company code that wants to use an account from assigned chart of accounts has to create its own chart of account segment Every Company code that wants to use an acount from assigned chart of accounts has to create its own company code segment. In company code semgent you have to specify whether the account is a balance sheet or profit and loss statement account Number range of account group cannot be overlapped. .
Field status of GL Master Data: Can be controlled from GL Account Group Can be controlled from Posting Key Can be controlled from Field Status Group Can have Transaction dependent Field Status Can be controlled from Vendor and Customer Account Group.
The following fields are always required and status cannot be changed in GL Master Data Country Currency Balance in local Currency Balance in Foreign currency Field Status Group.
Select the incorrect statement Fields that are hidden may still contains values The fields displayed in the General Ledger accounts master records can only be controlled by the GL Account Group. Reconciliation accounts are updated at the end of each day Special program needs to be executed to reconcile subsidiary record and reconciliation account Sometime system allows to post direct entry in vendor and customer reconciliation accounts.
Following accounts should always have a line item management check on: Reconciliation Accounts
Material stocks accounts
Select the correct statement For accounts without line item display means that only transaction figures are updated when documents are posted Opens items management accounts can be set for both balance sheet and P/L Accounts You can always activate or deactivate open item management if the account has a balance Accounts with open item management must not have line item display activated.
Select the incorrect statement You cannot select Foreign currency in GL Master If the account currency is the local currency document can be posted in any currency If the account currency is foreign currency document can be posted in any currency if the indicator only balance in Local currency is selected in the master data record, transaction figures are only managed for amount translated in local currency.
Vendor Master Record: Vendor Number is created at client level General data segment of vendor master data can be accessed throughout the organization Vendor accounts must have minimum of two segments for processing any accounting document. Complete vendor account consists of three segment.
Select incorrect statement: Vendor Master always have external number range Vendor Master always have internal number range External number range can be alphanumeric In internal number range system assign next available number .
Customer Master Data Can be created Centrally Should always be created centrally Always have 3 segments In order to use customer in SD module, customer master should be extended to Sales area Customer master number can have more than one number which is assigned at client level depending on the configuration.
System contains complete log of any change in the master record. true false.
Select the correct statement: Vendor and Customer account group can have a separate number range For each number range you can define whether the number assignment is external or internal In external number range user chooses the account number In internal number range user chooses the account number One time vendor should have internal number range In one time vendor you enter vendor details during the document processing.
Amount field is not updated automatically after each payment run true false.
Bank Master Data: For every bank that is used in the system have to have a master record in the system Bank Keys can have external or internal number assignment Bank master record are stored centrally in the bank directory Bank that are used by your company are defined as house bank.
Document structure Every Business Transaction should have an accounting document Purchase order always have an accounting document Every FI document has Header and Line item segment FI document can have 2-999 line items.
Every document is uniquely identified by the following fields Document number Document type Company Code Fiscal year.
Two important control Key of a document are: Posting Key Document Type Company Code Fiscal Year.
Select the correct statement You can change any field of the posted document You can change any field of the posted document which has reconciliation effect In line item segment you can change reference and Header text You can change any field of the posted document which has not reconciliation effect Business Transaction can have one or more document.
Document Type controls Document Number range Vendor Master Number Range Account Permitted Debit or credit of account Whether invoice posted with the net procedure.
You can control the field status of Reference field and Document header text through document type true false.
Document can have external number range true false.
Document Type is defined at client level while document number can be defined at company code level true false.
Document Number range: Can be Fiscal year dependent Can be fiscal year independent Can have external number range Can have internal number range Can be overlapped Can be assigned to multiple documents.
Fiscal year dependent number range means number range system does not restart the first number of the range true false.
Posting Key Controls Field Status of a document line items On which type of account the line item can be posted Debit or Credit of an account Whether the line item is connected to a payment transaction Whether the posting is sales relevant.
Select correct statements Posting key is define at client level Posting key is defined at company code level Posting key control the field status of GL Master Data Posting key control field status of all type of master data.
Posting Period Posting Period variant is assigned to Company code We specify Posting period and special period in Posting period variant Posting period variant is assigned to chart of account Period opening and closing is set in Posting period variant Posting period is determined by posting date When you open or close posting period in posting period, it effects all the company code assigned the same posting period variant Posting key can be handled differently for different account types An authorization group may be assigned to first period interval.
Number intervals for G/L account master records can overlap true false.
Tolerance Group The maximum amounts are defined per company code are defined in tolerance group In tolerance group you can define lower and upper limit for posting transaction In tolerance group you define upper limit of open item Maximum cash discount user can grant.
Default values Parameter IDs allows users to set default values for fields whose values does change very often You can default value date as system date At chart of Account level you enter the maximum difference permitted between the exchange rate In system you can control whether fiscal period is proposed when you display or change document In system you can control whether fiscal year is proposed when you display or change document.
Document reversal You need to allow the normal reversal at company code level You need to allow normal reversal at client level Negative reversal is allowed at company code level Reversal reason must be defined for negative reversal.
Terms of payment Can be allocated to customer master data Defined at sales area as well as at company code level in vendor master data Created at client level Default by the system or entered by the users Can be change after the document is posted.
Terms of payment enable the system to calculate cash discount and invoice due date true false.
Select the correct statement If invoice is created in FI, terms of payment terms come from sales area segment Credit memos can be linked to the original invoice by enter credit memo number in the invoice reference field When you enter invoice can also set a fixed cash discount amount or a cash discount percentage rate.
In payment terms we specify Cash discount amount Default for baseline date Payment block Payment terms Cash Discount %.
Select the incorrect statements Invoice can be paid over several months using installment payment One payment term can comprise of several payment term Invoice can be posted with gross procedure only Only customer invoice can be posted net procedure as well as gross procedure cash discount.
Tax on Sales/Purchases Tax category must be assigned to GL master for all type of accounts * Tax category means all types of Taxes are allowed - Tax category means output tax types are allowed < use for input tax account > use for output tax account.
cross company code transaction For cross company code transaction no configuration needs to be maintained Cross company code documents Transaction number contain company code of second company number, document number of first company code and fiscal year. none of the above.
Clearing open item Open items clearing can only be done through account clearing Open items clearing can be done through post with clearing Automatic payment is an example of clearing open items Clearing documents can have more than 2 line items Clearing document can have no line items.
Following tolerance groups can be assigned to the system Tolerance Group for GL Tolerance Group for Employee Tolerance group for customer/vendors.
select the incorrect statement You should always maintain separate tolerance group for customer and vendor You assign Tolerance group for employees in GL master data You assign GL tolerance group in GL master data.
Following information are maintained in Tolerance group for Customer/ Vendors Specification for clearing procedures Permitted payment difference Tolerance for payment advises Specification for posting residual items from payment difference.
Reason codes can be assigned to Difference posting Partial payment Residual items Vendor master data Customer master data.
Exchange rate difference You need to manually posting of exchange gain or loss Systems provide facilities of realised and unrealised exchange gain and loss One gain/loss account can be assigned to all currencies and currency types.
Cash journal One company code can have one cash journal in one currency One company code can have several cash journal in one currency Each cash journal can have a same general ledger account Cash journal is created at client level Cash journal is created at chart of account level One time vendor transactions are not allowed in cash journal Document split function also facilitates in cash journal.
Special general ledger Down payment is an example of Notes item Noted items update GL Balance depending on the configuration SPGL indicator is set Account Type wise Credit Management can also be activated for SPGL .
There are three ways to transfer SPGL entires to the system: Noted items Automatic offseting posting Free offsetting.
clearing document should have at least 2 line items true false.
clearing document usually has no line items true false.
tax code is used to verify amount of tax calculate amount of tax calculate additional tax portion verify tax type determine G/L account show tax correctly on forms.