The G/L reconciliation accounts need to be set up in advance together with the Fixed assets department. Asset transaction integrated with Account Payable Asset transaction posted using clearin accounts (not integrated0 Asset transaction posted from Materials Management (MM).
Acquistion of an asset from a business partner : External acquisiton: In FI-AA with integration with accounts payable In FI-AA with automatic offsetting entry, In FI-AA with offset clearing In Materials Management (MM).
When posting to assets you must enter a transaction type. True False.
The transaction type identifies the different transactions in the asset history sheet. True False.
When you post to a vendor or an asset account, the relevant general ledger accouts(payables or fixed assets)are automatically updated at the same time. True False.
The following information is automatically set in the asset master record at the time of the first acquisition posting: Date of asset capitalization (derived from the asset value date) Date of initial acquisition on the relevant master record (also derived from the asset value date) Acquisition year and acquisition period (derived from the posting date).
The system determines the start date of depreciation using the asset value date of the acquisition posting the period control method writes this date to the depreciation areas in the asset master record.
When you post the acquisition integrated with FI-AP the system automatically enters the vendor in the origin data field of the asset master record. True False.
The asset value date is the actual date the asset is updated and determines the depreciation start date along with the depreciation key(for each depreciation area). True False.
The system detemines the planned annual depreciation (and planned interest) based on the depreciaiton start date and the depreciation terms. True False.
The posting date and the asset value date must always be in the same fiscal year. True False.
The number range interval for the assignment of FI document numbers is defined in the document type. True False.
The document type is defined across all clients the FI document number range interval should be created specifically for the company code. True False.
The document type which is defined across all clients is a two character alphanumeric entry. True False.
Transaction types must be used with every posting. True False.
Transaction types identify acquisitions, retirements and transfers, amongst other things. True False.
Asset history sheet reports and other FI-AA reports use the transaction type to identify the different kinds of transactiona and display them separately . True False.
If asset acquisition postings are not integrated you would normally use a clearing account. True False.
Reasons for not making integrated postings: The invoice arrived before the asset The asset has already been delivered and should be used, but the invoice has not been delivered.
The first process steps could proceed as follows: 1 2 3 4.
There are different ways of posting retirements: Retirement with revenue and customer Retirement with revenu but without customer Retirement without revenue Mass asset retirement Retirement of several assets.
The values of the accounts for revenue from asset sales and clearing asset retirement can be shown in notes to the financial statement. True False.
The system determines the period for the asset retirement based on the asset value date of the asset retirement. True False.
Asset accunting distinguishes between different types of transfers, depending on circumstances: transactions within one company code(Intracompany Transfer) transactions between different company codes(Intercompany Transfer0 None of the above All of the above.
Possible reasons for intracompany code transfers; A master record was created and posted to in the wrong class(in the previous year). You would like to split up an asset or move part of an asset. Part of the asset must thus be transferred to a new asset. You would like settle an asset under construction and transfer it to a finished asset. None of the above.
The system uses transfer variant 4 by default for intracompany asset transfers. True False.
One of the functions of the transfer variant is to determine the transaction types with which the transfer is recorded in the source and the target asset. True False.
The transfer function can be used when: an asset has been sold to another company code, changing the organizational assignments(such as the company code). whether it is a transfer within a legal unit(within a company) tranfer of relationship type 02 whether the transfer is taking place between legally independent organizational units(company codes) which are each assigned to a different company.relationship type 01 None of the above.
The smallest organizational unit for which individual financial statements are required according to the relevant commercial law. True False.
You can use automatic intercompany transfer to enter the acquisition and retirement parts of the transfer in one step. True False.
Which of the following statements are true regarding standard settings for the transfer variants: The transfer method is used to control how the values are transferred from the source to the target company code. Gross transfer method,it is unusual to add sales revenue to the asset In most cases transaction types for intracompany transfer are used with the gross transfer method. Gross method transfers the historical values of the asset to the target compnay code. In net method or the new value method you have to enter sales revenue If there is no gain or loss on the asset retirement the sales revenue equals the net book value of the asset Using the net method, the net book value (of the source company code) is capitalized on the target asset when you use the new value method the system capitalizes the amount of the sales revenue on the target asset.