Tfin50_2 unit iv

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Title of test:
Tfin50_2 unit iv

Description:
BASIS OF PARALLEL ACCOUNTING

Author:
AVATAR
SYED HABBAN M. SUBHANI
(Other tests from this author)


Creation Date:
09/03/2019

Category:
Others
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Content:
Parallel accounting is becoming more important because, in an increasing number of countries, it is no longer sufficient to report according to local accounting principles. Regardless of which approach to parallel accounting you want to map in SAP ERP, you need to know the general principles of parallel accounting. True False.
In a globalized world, it is not necessary to compare the (annual) financial statements of the companies on the basis of internationally accepted accounting standards. True False.
The following are examples of local accounting principles: UK GAAP: Accounting principles in the United Kingdom Hong Kong Financial Reporting Standards (HK FRS): Accounting principles in China German Commercial Code (HGB): Accounting principles in Germany Pakistan GAAP: Accounting principles in Pakistan Indian GAAP: Accounting principles in India.
IFRS is the rarely accepted international accounting standard. True False.
IFRS is published by the International Accounting Standards Board (IASB). True False.
IFRS contains the Indian Accounting Standards (IAS). True False.
The former name for international rules and standards was IAS. The name was changed from IAS to IFRS, but now IFRS is commonly used. True False.
The philosophy of IFRS is to supply “true and fair information” about a company. True False.
IFRS does boot use the principles of "true and fair view" and "fair value approach". True False.
IFRS tries to render this information by using many singular cases that are embedded in a framework of general rules called “code-based law”. True False.
As far as IFRS is concerned, the company information is not only about the property, finances, and profit situation, but also about the payment flows. True False.
Using the FAGL_ACTIVATION transaction, you can find out whether new General Ledger Accounting is used or activated in SAP ERP. True False.
With context to parallel accounting, Delta "posting" means to post one document (the international one) with an amount of EUR 5000 and the other (the local one) with EUR 7000. Delta posting means that you first decide which valuation is "historically grown". Let's assume it should be local one. So the first document is posted with the amount of EUR 7000 and in the second document, you will only post the difference. An amount of EUR -2000 has to be entered. True False.
If you decide to use delta documents, you will get a mixture of delta and complete documents. This is because SAP programs, such as the foreign currency valuation run (program FAGL_FC_VALUATION), are not able to post delta values. In addition, delta postings are only possible with manual transactions. True False.
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