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34 Cards in this Set
- Front
- Back
Every General Ledger is structured according to a ?
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chart of accounts
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What connects the subledgers to the general ledger?
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Reconciliation Accounts
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The general ledger is managed at what level?
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Company Code
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The Treasury (TR) focus on what functions
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Payment means,
Foreign exchange Deivatives Bonds Loans Market Risk |
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Financial accounting is meant for
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legal reporting.
Balance Sheet and Income Statement according to GAAP or IAS |
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Management accounting is meant for
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internal management information regarding cost and revenue. Mgmt accounting could analyze cost and revenue at a high organizational unit, across countries.
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You should create a company code according to
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tax law, commerical law and other FI criteria.
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One or more company codes can be assigned to a controlling area? (T/F)
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True
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Controlling areas require
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same operating chart of accounts and fiscal year.
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The GL account consist of
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Account number
Account name Type of GL account (P&L or balance sheet) |
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Account groups classify GL accounts into user-defined segments and determine the?
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number range of the accounts.
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Reconciliation accounts ensures
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real-time integration of subledger account with the general ledger.
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In the general ledger, postings are limited to reconciliation accounts by the use of
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account types.
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The new general ledger in mySAP ERP has the following advantages
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Extended data structure
Document split (Segment) Reconciliation to Management Accounting Manage multiple books with parallel accounting |
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A held document is
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a document saved and not posted
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The vendor master records contain data that controls how transaction data is posted and processed? (T/F)
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True
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An invoice entered direct into AP within FI is a
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miscellaneous invoice with no reference to a PO.
Also, a credit memo can be entered in FI AP. |
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The vendor name and address in the vendor master is stored at the
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client level. The purchasing organization enters data specific to purchasing in the vendor master before use.
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The customer name and address in the customer master is stored at the
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client level. The sales area (Sale Org, Distribution Channel, Division) must be defined before doing business with the customer.
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The organizational unit used for credit control is
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the credit control area for the customer.
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The credit department sets up a separate?
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credit management master record which is an extension of the customer master record.
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The credit management master record consist of
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General data (address, max limit)
Credit control area data (risk category) Overview (contains most important data) |
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On the day of shipping products to the customer what is created?
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Outbound delivery document
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The goods to be delivered are posted as?
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Goods issue which is created in MM, and accounting document is created for FI.
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What is debited and credited for a goods issue?
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Debits COGS
Credits Inventory |
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What are the debits and credits when a billing document is created?
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Debit Customer AR
Credit Revenue |
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A sales order is blocked when?
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Credit limited is exceeded.
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Each asset belongs to a
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company code and business area. Additionally, you can assign the asset to various CO Objects (cost center, internal order) and Logistic Organizational Units.
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Each asset has to be assigned to an asset class such as
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1000 Buildings
2000 Machinery 3000 Business Equipment 4000 Assets under construction 5000 Low-value assets |
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Plant Maintenance (PM) is used for the _____ ______ of assets. Treasury (TR) is used for managing ______ assets.
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technical management
financial |
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Asset explorer offers?
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a clear overview of the activity for an asset.
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Reconciliation accounts can be posted to directly? (T/F)
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False
Post to the subledger account. |
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What determines the structure of the balance sheet and income statement as far as which accounts map to which line items on the report?
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Financial statement version
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What are the various acquisitions and retirements that can be posted in asset accounting?
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1. Without a vendor or PO, offsetting GL clearing
2. to a vendor 3. via MM by creating a PO |