Let's Test Your Financial Accounting Skills With This Quiz

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Financial Accounting Quizzes & Trivia

Financial accounting is one of the courses taken by an aspiring certified accountant. Are you looking for revision material for an exam? If the answer is yes look no further and take up the quiz below to see if you indeed are ready. All the best and remember to highlight the ones you fail.


Questions and Answers
  • 1. 
    Financial Accounting in SAP ERP contains several ledgers. Which of the following are ledgers in Financial Accounting? (4 correct answers) 
    • A. 

      Common Ledger

    • B. 

      General Ledger

    • C. 

      Accounts Payable

    • D. 

      Human Resource Ledger

    • E. 

      Accounts Receivable

    • F. 

      Production Ledger

    • G. 

      Special Purpose Ledger

  • 2. 
    Which of the following statements are true regarding the Financial Accounting in SAP ERP? (3 correct answers) 
    • A. 

      The General Ledger is the main book of SAP and it is managed on Company Code level.

    • B. 

      The General Ledger is integrated with all sub-ledgers in real-time using reconciliation accounts in the general ledger.

    • C. 

      Accounts Payable contains all business events concerning relationships with customers and its main source of data is sales and distribution (SAP SD)

    • D. 

      Accounts Receivable records all business events concerning relationships to suppliers and its main source application of data is purchasing (SAP MM)

    • E. 

      The Chart of accounts is a structure containing all accounts available the General Ledger.

  • 3. 
    SAP Financial Accounting and SAP Controlling are highly integrated. Which of the following statements are true regarding this integration aspect? (3 correct answers) 
    • A. 

      Controlling and Financial Accounting are integrated through cost element types and accounts.

    • B. 

      Primary an secondary cost element types are both contained in the chart of accounts a particular company code uses.

    • C. 

      Secondary cost element types do not have a corresponding account in the chart of accounts.

    • D. 

      A company code must always be assigned to exactly one Controlling area.

    • E. 

      Cost element types are defined on company code level.

  • 4. 
    SAP Financial Supply Chain Management supports companies optimizing their cash flows within the whole supply chain. Which of the following are components of Financial Supply Chain Management? (3 correct answers) 
    • A. 

      SAP Money Management

    • B. 

      SAP Collections Management

    • C. 

      SAP Cash and Liquidity Management

    • D. 

      SAP Billing Management

    • E. 

      SAP In-House Cash

    • F. 

      SAP Bank Communication Management

    • G. 

      SAP Fraud Management

  • 5. 
     What is the main organizational unit of Financial Accounting? (1 correct answer)
    • A. 

      Controlling Area

    • B. 

      Company Code

    • C. 

      Business Area

    • D. 

      Profit Center

    • E. 

      Client

  • 6. 
    • A. 

      A Company Code is the smallest organizational unit in SAP ERP for which you can issue a balance sheet and a P/L statement.

    • B. 

      A Business Area is an organizational unit of external accounting that corresponds to a specific business segment or area of responsibility in a company.

    • C. 

      A segment is part of the company that incurs costs, generates revenue and has its own financial data with regard to profit and resource consumption.

    • D. 

      You can assign multiple Controlling Areas to one Company Code

    • E. 

      In case of Cross-Company-Code cost accounting, a company code must be assigned to more than one Controlling Area.

  • 7. 
    The General Ledger is the main book or ledger of SAP Financial Accounting. Which of the following statements are true regarding the General Ledger? (2 correct statements) 
    • A. 

      Each Company Code has exactly one General Ledger.

    • B. 

      The General Ledger is structured according to a chart of account.

    • C. 

      The General Ledger is integrated with Controlling through reconciliation accounts.

    • D. 

      Before postings to a General Ledger account can be made, you must first create the company-code-specific master data segment for the account in the particular company code and then create the chart-of-account-specific segment for this account in the chart of accounts.

  • 8. 
    The Chart of Account is a list of all G/L accounts used by one or several company codes. Which of the following statements are true regarding the Charts of Account? (3 correct answers) 
    • A. 

      You must assign one operative chart of accounts to each company code.

    • B. 

      If you have multiple company codes assigned to one controlling area, all company codes must have the same operative chart of accounts assigned to allow cross-company code cost accounting.

    • C. 

      You must assign one country-specific chart of accounts to each company code.

    • D. 

      The accounts in a chart of accounts can be expense or revenue accounts in Financial Accounting and cost or revenue elements in Controlling.

    • E. 

      Reconciliation accounts are contained in the sub-ledgers and, thus, are not contained in the chart of accounts.

  • 9. 
     Which components are part of a document that is posted in FI? (2 correct answers)
    • A. 

      Line-item variant

    • B. 

      Account assignment model

    • C. 

      Schedule line

    • D. 

      Line item information

    • E. 

      Header data

  • 10. 
    In which of the following cases postings (bookings) in financial accounting lead to an booking/update in controlling (CO)? (2 correct answers) 
    • A. 

      The booked FI-account number is defined as cost or revenue element in CO.

    • B. 

      A Controlling-object is entered in the FI booking.

    • C. 

      A statistical Controlling-object is entered in the FI booking.

    • D. 

      A functional area is entered in the FI booking.

    • E. 

      A business area is entered in the FI booking.

  • 11. 
    • A. 

      The vendor involved in this process must have its master record maintained for the purchase organization and the company code in charge.

    • B. 

      When creating invoice posting creates an accounting document that debits the invoice amount to the goods receipt/invoice receipt account and credits the vendor account with the same amount.

    • C. 

      The vendor invoice posting creates an accounting document that debits the invoice amount to the goods receipt/invoice receipt account and credits the vendor account with the same amount.

    • D. 

      When posting the goods receipt in the purchase-to-pay business process a material document is only created, if the material purchased is not a consumable material.

    • E. 

      Upon goods receipt an accounting document is created that debits the valuated goods receipt to the material stock account or the consumption account and credits the goods receipt/invoice receipt account with the same amount.

    • F. 

      The goods receipt/invoice receipt account is a reconciliation account that integrates the account payable with the general ledger.

  • 12. 
    The Purchase-to-Pay business process requires a close integration between SAP MM and SAP FI. Thereby, material and accounting documents play a central role. How many material and accounting documents are created in the standard Purchase-to-Pay business process (Purchase Order, Goods Receipt, Invoice, Payment)?
    • A. 

      1 material document and 2 accounting documents

    • B. 

      1 material document and 3 accounting documents

    • C. 

      2 material documents and 2 accounting documents

    • D. 

      2 material documents and 3 accounting documents

  • 13. 
    The Purchase-to-Pay business process requires a close integration between SAP MM and SAP FI. Thereby, material and accounting documents play a central role. How many material and accounting documents are created in the standard Purchase-to-Pay business process, if the material is first posted to quality-inspection stock and then transferred into unrestricted-use stock (Purchase Order, Goods Receipt, Goods Movement, Invoice, Payment)?
    • A. 

      1 material document and 2 accounting documents

    • B. 

      2 material documents and 3 accounting documents

    • C. 

      2 material documents and 4 accounting documents

    • D. 

      3 material documents and 3 accounting documents

  • 14. 
    • A. 

      Credit control is performed bgy the organizational unit credit control area.

    • B. 

      The credit control area must be assigned exactly one company code.

    • C. 

      The FI-Accounts receivable credit control creates a separate credit management master record, which is an extension of the customer master record.

    • D. 

      The credit control master data record of a business partner in FIN-FSCM contains a Credit Profile.

    • E. 

      The credit segment data of a business partner in FIN-FSCM is maintained for a particular controlling area.

  • 15. 
    The Order-to-Cash business process requires a close integration between SAP SD and SAP FI. Thereby, material and accounting documents are created in the standard Order-to-Cash business process (Sales Order, Goods Issue, Billing, Payment)?
    • A. 

      1 material document and 2 accounting documents

    • B. 

      1 material document and 3 accounting documents

    • C. 

      2 material documents and 2 accounting documents

    • D. 

      2 material documents and 3 accounting documents

  • 16. 
     The Order-to-Cash business process requires a close integration between SAP SD and SAP FI. Thereby, material and accounting documents play a central role. How many material and accounting documents are created in the standard Order-to-Cash business process if you taking the goods receipt from production and the warehouse internal transport order into account (Goods Receipt from Production Order, Sales Order, Transport Order, Goods Issue, Billing, Payment)? 
    • A. 

      1 material document and 2 accounting documents

    • B. 

      1 material document and 3 accounting documents

    • C. 

      2 material documents and 2 accounting documents

    • D. 

      2 material documents and 4 accounting documents

  • 17. 
    Which of the following statements are true regarding the creation of a fixed asset in SAP FI? 
    • A. 

      A fixed asset is integrated in the general ledger via a reconciliation account. The reconciliation account of the asset in the sub-ledger Asset Accounting is entered in the master record of the asset in SAP FI-AA.

    • B. 

      The asset class an asset is assigned to, is tied to an account determination key. The account determination key determines the accounts which are posted to depending on the transaction type used for the posting.

    • C. 

      A fixed asset is posted to directly in the general ledger.

  • 18. 
    • A. 

      Depreciation areas enable calculating different depreciation values in parallel for a fixed asset according to the requirements of a specific country or economic area.

    • B. 

      Depreciation areas are grouped into a chart of depreciation.

    • C. 

      The depreciation terms can only be in the asset class the asset belongs to.

    • D. 

      Every asset transaction in the Asset Accounting component immediately causes a change of the forecasted depreciation and, thus, immediately updates depreciation and value adjustment accounts of the asset for the financial statements.

    • E. 

      In the periodic depreciation run the planned depreciations are posted to the asset account and must then be transferred to the general ledger.

    • F. 

      Only after the completion of the depreciation run, depreciations are posted in asset accounting and in the general ledger.

  • 19. 
    What functions have a reconciliation accounts in FI?
    • A. 

      Reconciliation between goods receipt and invoice receipt.

    • B. 

      They can be booked directly on monthly basis.

    • C. 

      Integrate subledgers with the general ledger.

    • D. 

      Can only be applied for material and stock accounts.

  • 20. 
    What are the benefits of the new general ledger functions? (2 correct answers) 
    • A. 

      Contemporary integration of FI and CO.

    • B. 

      Multiple leading ledgers.

    • C. 

      Account based profitability analysis.

    • D. 

      Extended data structure.

  • 21. 
     Which of the following determines the structure of balance sheet and profit & loss statement and states which items are assigned to what accounts?
    • A. 

      Account group

    • B. 

      G/L-Account group

    • C. 

      Cost element group

    • D. 

      Balance sheet and profit & loss statement

  • 22. 
     What is equal for both customer and vendor master data? (2 correct answers)
    • A. 

      Both have to be maintained each year.

    • B. 

      Both have three segments.

    • C. 

      Both are assigned to a reconciliation account.

    • D. 

      Both can only be used in FI.

  • 23. 
    Which of the following statements is true for company codes? 
    • A. 

      The chart of accounts is administered on company code level.

    • B. 

      A client can have only one company code.

    • C. 

      A company code can be assigned to several controlling areas.

    • D. 

      A company code can be used to determine a business area unambiguously.

  • 24. 
    What do you have to consider when creating chart of accounts in financial accounting? (3 correct answers) 
    • A. 

      Accounts are first defined at the company code level and then assigned to the chart of accounts.

    • B. 

      A company code has only one operating chart of accounts.

    • C. 

      Chart of accounts data in a general ledger master record is defined at the company code level.

    • D. 

      Many company codes can use the same operating chart of accounts.

    • E. 

      A company code can also have a country-specific chart of accounts.