Fixed assets & Financial closing exam 2
If two depreciation areas are set in customizing to post in real time, how many financial accounting documents will be posted during the depreciation run?
One document per asset
One document with two ledgers
It depends on the document splitting rule assigned
Two documents, one per ledger
Which of the following is true regarding the technical clearing account used during asset acquisition? (three correct)
The account is not allowed to be defined in the asset account determination
The account is a balance sheet account
The account must be created as a reconciliation account
The account can be integrated with Controlling
The account is a profit and loss account
When making a partial sale, how can you choose to calculate the amount of value reduction for the asset? (three correct answers)
By quantity
By posted depreciation
By profit or loss
By amount
By percentage
The year-end closing program does the following, if no errors are found: (two correct)
Updates the last closed fiscal year for each depreciation area
Performs the balance carry forward for the asset accounts
Allows assets to be posted in the new fiscal year
Blocks asset postings in the closed fiscal year
The year-end closing program checks for the following: (two correct)
Depreciation must be fully posted
Allows assets to be posted in the new fiscal year
If any assets have errors
Blocks asset postings in the closed fiscal year
The balance carry forward program does the following in asset accounting: (three correct)
Opens the New Year for posting
Allows posting in the old year
Acts as the fiscal year change
Blocks asset postings in the closed fiscal year
Which components are directly integrated with asset accounting? (three correct)
Bank account management
Investment management
Purchasing
Plant maintenance
Quality management
Two assets in the same company code post depreciation to different GL accounts. What does this mean for the assets? (two correct)
The assets belong to different asset classes
The assets have separate account determinations
The assets post APC values to separate accounts
The assets are assigned to separate cost centers
Which of the following are ways to post external acquisitions? (three correct)
Integrated with AP
With a purchase order
With a journal entry
With automatic offsetting entry
By executing the depreciation run
If, for some reason, you need to post an asset acquisition in a closed year- you can reset the year- end closing program.
True
False
Which data sections are part of every asset class? (two correct)
Depreciation data
Master data
Valuation area data
Account determination data area
Hypothetically speaking: If a user enters the following on a document, how many lines will each view of the document contain? User enters a vendor account, a tax amount, and three expense lines with different cost centers/profit centers/segments.
Entry view 2 lines, GL view 5 lines
Entry view 5 lines, GL view 9 lines
Entry view 9 lines, GL view 5 lines
Which are the methods of posting accruals/deferrals? (two correct)
Manually, using a reversing entry for example
Manually, using a journal entry for example
Automatically, using a valuation run for example
Automatically, using the recurring entry for example
Which of the following updates the recurring entry template with the next run on date?
Executing the recurring entry program
Booking an accrual
Processing the batch input session
The balance audit trail report is executed before archiving documents, it could be useful to explain account balances.
True
False
Which is true of extension ledgers? (three correct)
They can have their own posting period variant.
They must be assigned to an underlying ledger.
If a period is closed in the leading ledger, and internal adjustment could be posted to the extension ledger.
They cannot be posted to by using the ledger group field.
Parallel financial reporting means that you must create financial statements for a company in accordance with different accounting rules.
True
False
Foreign currency valuation includes which of the following items? (three correct)
Balance sheet accounts managed in a foreign currency
Cleared customer/vendor items in a foreign currency
Open customer/vendor items in a foreign currency
Open GL account items in a foreign currency
Which of the following are periodic pre-close activities? (four correct)
Open a new accounting period in FI
Enter accruals and deferrals
Maintain the GR/IR account
Post goods issues for customers
Foreign currency valuations
Financial statement versions must have the following special items: (four correct)
Assets & Liabilities
Profit & Loss
Accounts not assigned
Characteristics & key figures
Notes to the financial statement
In the financial statement version, general ledger accounts can appear in a specific financial statement item based on the balance of the account.
True
False
At what organizational levels is it possible to create a financial statement? (three correct)
Client level
Business area level
Company code level
Segment level
The GR/IR clearing account is maintained in MM when the quantity of materials delivered differs from the quantity of the materials invoiced- if no further invoice is expected.
True
False
A special program analyses the GR/IR account balance to determine its placement on the balance sheet.
True
False
Stock valuation at a key date is part of periodic closing.
True
False
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