SAP:FI - Asset Accounting-1 ECC 5.0

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Title of test:
SAP:FI - Asset Accounting-1 ECC 5.0

Description:
SAP:FI - Asset Accounting -1 ECC 5.0

Author:
shreevasa
(Other tests from this author)

Creation Date:
23/12/2008

Category:
Others
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Content:
Choose the correct statement from the given below list. Asset accounting works with the Chart of Accounts assigned to the Company Code. Chart of Depreciation is always Country specific and contains predefined Depreciation areas. User can define his own chart of depreciation by copying and changing. Each depreciation area represents specific type of valuation like, Book depreciation / tax depreication. User can define his own depreciation areas in the chart of depreciation. Each company code uses one chart of accounts and one chart of depreciation. All or several company codes work with same Chart of accounts and the same chart of depreciation.
Dfferent Valuation approaches are used to valuate the asset Portfolio and transactions in Asset accounting. Choose the correct Example from the list given below. Financial statement according to local requirement. Balance sheets for tax purposes Internal accounting (Cost accounting) Parellel financial reporting, for example, creating consolidated balance sheet according to IAS, US GAAP and so on.
Tick the correct statement regarding the Depreciation areas. Depreciation areas are created to manage different valuation approaches for each asset and depreciation area. Depreciation areas are created to manage different valuation approaches for transaction figures for Individaul value components, such as asset values, depreication and net book value.
In the master record, we can assign an asset to the following controlling objects. Cost center Internal order (Real / Statistical) Activity Type Maintenance order Profit center All the options are correct.
We can post the depreication from each depreaction area in cost accounting for the following objects. Cost center Real order Cost center and a statistical order. Cost center & Real order. Activity type Profit center Maintainance order.
Choose the correct statement regarding controlling object assignment in Fixed assets. It is possible to assign an asset to two cost centers. It is possible to settle the cost from the statistical orders to real orders. It is not possible to settle the cost from the real order to the cost centers. It is possible to assign an asset to both real order and statistical order.
Chose the correct option regarding the asset class in asset accounting. The asset class is the main criteria of classifying the assets. Fixed assets are classified into asset classes. Example of asset classes could be Vechiles, Furniture or machines. Asset class consists of master data section and depreciation section. Asset classes are defined at client level and are assigned to atleast one chart of depreciation. We can supress individual depreciation areas in each asset class. For an asset for each depreciation area we can propose the depreciation attibutes which can be overwritten if neccessary but the system proposed attributes can not be changed. Several chart of depreciation can be assigned to one asset class. Each asset is assigned to only one asset class and we can specify certian control parameters, default values for depreciation calculation and other master data in each asset class.
Tick the correct statement for special asset classes. Asset under construction Low value assets Leased assets Technical assets Intangible assts.
The plant maintenance component is used for the technical management of asset and the treasury component is used ot manage finincial assets. True False.
Choose the correct option regarding the Depreciation areas. We can valuate the fixed assets for various Bussiness and legal purposes for example, Book depreciation, tax depreciation, cost -accounting depreciation ect. Depreciation areas manage different values of fixed assets. Chart of depreciation is a catalog of country specific depreciation areas structured according to various bussiness aspects. SAP supplies chart of depreciation as references that are based on the requirements of each country.
Choose the correct statement. We can delete the depreciation areas which are not required and this must be done before asset creation. We can create a new chart of depreciatiion by copying one of the reference chart of depreication. It is not possible to open depreciation areas after the production start of the system Depreciation areas are identified using 2-charecter alpha numeric key that consists of depreciation terms.
Differnt types of Depreciation areas. Book depreciation - 01 Income tax depreciation -20 Revaluation -10 Derived Depriciation - 50.
Book depreciattion are is the major depreciation area used for posting values and depreciation to general ledger. False True.
Which of the following statement is true regarding depreciation areas? Country specific valuation is possible Valuation with respect to the cost accounting Consolidation versions in local or group currency Book depreciation in group currency Derived depreciation areas for difference between book and country specific tax based depreciation.
We cannot post asset balance sheet values and the depreciation values from the individual depreciation areas to seperate balance sheet accounts or income statement accounts in the general ledger. True False.
We use different financial statement versions to post values to more than one depreciation areas to general ledger. True False.
We can define one or several number of finanical statement versions per chart of accounts. True False.
We can create seperate financial statement version for each depreciation area. True False.
Chose the correct statement regarding the asset class. Asset classes are used as template for the asset master records and therefore necessary to decide which default values are to be stored in the asset classes to ensure the uniformity of the assets. Asset classes are the most importnant means of structuring the fixed assets according to the requirements of the enterprise. Asset class defination applies to all company codes in a client. Asset class consits of master data and valuation sections.
In Asset Class, Master data section consists of control data and default values for the administrative data in the asset master record. True False.
An Asset class consists of "Valuation" section with the control parameters and default values for the valuation and depreciation terms. True False.
Tick the correct statement regarding the asset class. The data in the asset class is automatically adopted to the asset master record. Asset class reduces the time and effort needed to create a new asset master records. All the master records in the asset master are handled uniformly. Before creating the asset class we need to define the relevant GL accounts in FI.
Tick the correct statement regarding account determination in asset class. Asset class will establish the link between the asset master records and the accounts to which the related values and depreciation are posted in the general ledger. Several assets can use the same account determination key if they use the same chart of accounts and post to the same GL acounts. If we use different chart of acounts, we need only one account determination key to post asset values of all asset classses to different accounts in the different charts of accounts. We can use different account determination keys for several similar asset classes although their values are posted to a single balance sheet.
Match the following between different types of depreciation and GL accounts. Ordinary Depreciation UnPlanned Depreciation.
Tick the correct statement regarding Number ranger intervals in asset accounting. The Number range controls the assignment of numbers of the asset master. Asset master number assignemnt can be either internal or external We can assign each company code its own number range or company codes can share number ranges. System will never assign numbers automatically for internal number assignment. System will assign numbers automatically for externaly number assignment.
Tick the correct statement regarding Screen layout of Asset Master data. The screen layout specifies which input fields are displayed in the asset master record and if they are required entry or optional fields. The screen layout specifies the maintanace level of master data fields. The screen layout determines whether the master data fields are allowed to be used as a reference. The reference indicator controls which field contents of an asset area can be copied when that asset is used as a reference for creating a new asset master record. The mantainance level of asset master data fields - Asset Class, Main Asset Number and Sub-Asset Number.
Tick the correct statement regarding account assignment objects. We must activate account assignment objects before they can be maintained in the master data. We can post depreciation to account assignment objects. We can use the account assignment objects for APC Postings. We cannot use the account assignment objects for APC postings. We cannot post depreciation to the account assignment objects.
Chose the account assignment objects in SAP r/3. Cost center Internal order WBS element Real estate objects Various objects from the public sector component, such as funds center, funds, or grant Profit center Profitability segment.
In each asset class we maintain screen layout rule for each depreciation area. True False.
Screen layout rules in the asset master applies to the valuation fields in the depreciation area. True false.
Tick the correct statements regarding the maintenance levels of screenlayout Rules in asset accounting. The maintenance level at Asset class ensures uniform control of valuation at asset class level. The entries made in the asset class are passed on to the asset master record and connot be overwritten. The maintenance level at main asset level control of valuation is uniform and the entries made in the asset class are adopted in the asset master record and can be changed there. All Sub asset that belong to this asset master record adopt these values from the main asset. These subnumbers values cannot be changed. For the maintenance level at the asset subnumbers, valuation can be controlled more flexibly. Asset subnumbers can have their own individual depreciation terms. None of the options are correct.
Tab pages are used ot represent asset master data in the system. True False.
We can specify a layout for the master data of each asset class. True False.
The layout of asset master defines the following- The Number of tab pages The Names of tab pages The field groups Account groups Tolerance groups.
We can generate asset class through GL accounts. True False.
Generation of asset class from a GL account automatically generates account assignment key, number range , Screen layout rule. True False.
AUC requires a seperate asset class and corresponding GL account. because they have to be shown saperately in the balance sheet. True False.
We can calculate normal depreciation for AUC. True False.
Special tax depreciation and investment support are possible even on AUC? True False.
We can post down payment on asset under construction True False.
We can still post credit memos for AUC after it has been fully capitalized if we allow negative APC. True False.
To manage more extensive asset investments, Investment management (IM) integrates internal orders and project systems. True False.
Low value assets are managed using Individual management or Collective management. True False.
Collective management in LVA require a base unit of quantity in the asset class. True False.
Set up a check of the maximum amount in the depreciation areas of asset class for LAV is required. True False.
Each type of mangement in LAV requires a seperate Asset class. True False.
Option for creating asset master record in r/3. Using an existing asset master record as reference. Creation of a new asset without any refernce data. Creation of Multiple similar asset records Creation of an asset master record using GL account.
Tick the correct statement regarding Asset master record time dependent data. Time dependent data has a significance for csost accounting assignmens like, Cost centers. Orders, Projects etc Shift operation and asset shutdown can have a direct effect on depreciation. Deperciation will take place on a monthly basis and as a result the currently valid cost center is always used for the depreciation posting run. The various time - dependent assignments/intervals can be called in the master record by choosing the further intervals button. Shift operation and asset shutdown has to be entered in the time-dependent data, where they can be changed on monthly basis.
Chose the correct statement regarding the change of assets. Each time you change an asset master record, the system creates a change document. The change doucment contains a list of fields that were changed and the number of changes to a field. The name of the user and the old and new contents of the fields are stored. we can carry out mass change for severl assets at a time.
We can specify internal and external number assignment for the asset sub number.For this we make specification in the asset class. True False.
We use external assignment number for legacy data transfer and then switch over to internal number assignment after the legacy data transfer completion. True False.
Aquisition of an asset from the Business partner is an external aquisition. True False.
Choose the correct statement regarding the asset aquisition form the Business partner. Asset accounting integrated with accounts payble, but without reference to a purchase order (Incoming invoice). In FI -AA with automatic offsetting entry, but without link to a purchase order and without integration with Accounts payable; This posting is normally used when the invoice has not been received , when the was posted by the accounts payable department beforehand in a seperate step.This offsetting account also has to be cleared. In FI-AA with automatic clearing of the offsetting entry: The first posting is made in FI-AP. The clearing account is cleared at the same time as the asset posting is made. It is also possible, however for both departments to make postings in the opposite sequence: An asset is entered with automatic offsetting entry, and the clearing account is cleared with the credit posting of the incoming invoice. The aquasition of asset can happen through GR/IR process in Material management. The aquasition of an asset can happen through sales process In sales and distribution.
When posting to assets we need to enter a transaction type. True False.
The transaction type identifies the different transactions in the asset history sheet. True False.
When we post a transaction to an asset, the accounts payable and Fixed assets will get updated at the same time. True False.
Choose the correct option regarding Asset explorer in Asset accounting. Display of depreciation areas are available. Different symbols are available is Asset explorer to distinguish between real depreciation areas and derived depreciation areas. Asset explorer provides information on the selected asset, including its company code, asset main number and asset sub number. we can display planned values, book values and transactions directly in the asset explorer in a print preview format. For the planned values, we can call functions for displaying the depreciation claculation and for recalculating depreciation.
Which of the following information is set in the asset master record at the time of the first aquasition postings. Asset capritalization (derived from the asset value date) Date of initial aquistionin the relavent master record (Derived from the asset value date). Aquisituion year and Aquisition period (Derived from posting date). Depreciation value (Derived from the Asset capitalization date) Net Book value derived from the asset value date.
Chose the correct statement regarding Asset aquisition. The system determines the start date for ordinary depreciation using the asset value date of the acquisition posting and the period control method. When we post asset aquisition integrated with Accounts payable, the system automatically enters the vendor in the origin data field of the asset master. The asset value date (Capitalization date) determines the depreciation start date of the asset. The asset value date (capitalization date) is determined for each depreciation area by the period control method of the depreciation key. The posting date and the asset value date must always be in the same fiscal year.
Chose the correct statement regarding the document type. Document type is a two charecter alphanumeric entry that detemines how documents are stored. we can assign exactly one number range to each doucment type. We can specify accounts types to be posted for each document. Document type "AA" is used for gross posting, ie without deducting discount. Document type "AN" is used for net posting, ie after discount deduction.
Process involved in asset acquisition through MM. Purchase Order Goods receipt Invoice receipt Payment Run.
Different ways of posting retirements. With or without revenu (Scrapping) With or without Customer (Non - integrated) As full or partial retirement As mass retirement (with worklist) As retirement of several assets.
The system determines the reference period for the asset retirement based on the asset value date(Retirement date) and the period control method of the depreciatioon key. True False.
Different types of asset transfers in asset accounting. Intra-company transfer Inter-company transfer Inter-Bussiness transfer Inter-cost center transfers.
Possible reasons for intra-Company transfers. A Master record has been created and posted to in the wrong class. The asset has changed location. As a result, you have to change organizational allocations such as asset class, Bussiness Area in the master record that cannot otherwise be changed. The Asset needs to be split. Therefore, aportion of the original asset will be transfered to a new asset. Stock material such as goods created by your enterprise or bought in needs to be transfered to an asset.
Possible reasons for Inter-company asset transfers. The physical location of the asset has been changed due to sale. The organizational structure of the affected company code have changed, and we have to assign the asset to a new company code.
The transfer methods control how the values are transfered from the source company code to the target company code. True False.
In most cases transaction types for intra-company transfer are used with the gross transfer method to transfer the historical values of the asset to the target company. True False.
When we use net method of new value method, you have to enter revenue from the sale of asset. Using the net method, the net book value is capitalized on the target asset. True False.
If the tranfers happen between different company code with differernt chart of depreciation, Cross-Company code depreciation is requuired. True Fale.
When we capitalize the asset under construction, you transfer the values to one or more completed assets. This transfer is either done in a lump sum or with the line item settlement. True False.
When capitalizing the AUC, the system automatically seperates the transactions from the previous years from the transactions from the currenet year using different transaction types. True False.
Chose the correct statement regarding unplanned depreciation. In addition to the automatic calculation of the depreciation using depreciation keys, we can plan manual depreciation for individual assets in FI-AA. Manual depreciation posting is done using Transaction type. After we have manually planned depreciation, the system does not create an FI document immediately. This document is not generated until the depreciation posting program is run.
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