Accounting - General Ledger
Questions and Answers
- 1.
SAP is a fully integrated system, meaning that the general ledger, subsidiary systems, transaction data and reports will all be accessed within an “all in one” system, once all phases of OPUS are complete
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The given statement suggests that SAP is a fully integrated system where all the components such as the general ledger, subsidiary systems, transaction data, and reports can be accessed within a single system. This implies that once all phases of OPUS (presumably a project or implementation) are complete, users will be able to access all the necessary information and functionalities within SAP without the need for separate systems or tools. Therefore, the statement is true.Rate this question:
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- 2.
Once the SAP G/L goes live, data from the legacy G/L will be automatically transferred to the SAP G/L on a real time basis as opposed to a daily batch process
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because once the SAP G/L goes live, data from the legacy G/L will not be automatically transferred to the SAP G/L on a real-time basis. Instead, it will be transferred through a daily batch process.Rate this question:
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- 3.
The Finance Module (FI) is used for __________ reporting.
- A.
Internal
- B.
External
- C.
Cost Center
- D.
Profit Center
Correct Answer
B. ExternalExplanation
The Finance Module (FI) is used for external reporting. This means that it is primarily used to generate financial reports and statements that are intended for external parties such as investors, creditors, and regulatory authorities. These reports provide an overview of the company's financial performance and position, allowing external stakeholders to make informed decisions. Internal reporting, on the other hand, is focused on providing information to management for decision-making and control purposes.Rate this question:
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- 4.
Today our divisions and distribution centers are equal to what in SAP?
- A.
A profit center and a company code
- B.
A company code and a plant
- C.
A profit center and a plant
- D.
A client and a profit center
- E.
A controlling area and a plant
Correct Answer
C. A profit center and a plantExplanation
Today our divisions and distribution centers in SAP are represented by a combination of a profit center and a plant. This means that each division or distribution center is assigned a specific profit center and a specific plant in the SAP system. The profit center represents the financial aspect of the division or distribution center, while the plant represents the physical location or facility where the operations take place. This combination allows for better tracking and management of the financial and operational aspects of the divisions and distribution centers.Rate this question:
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- 5.
You can group cost centers (and profit centers) together to form cost center groups and profit center groups. These can be used for reporting.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Cost centers and profit centers can be grouped together to form cost center groups and profit center groups. These groups serve the purpose of organizing and categorizing the centers for reporting purposes. By grouping them together, it becomes easier to analyze and present financial information related to these centers. Therefore, the statement "True" is correct.Rate this question:
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- 6.
The company codes 3000, 4000 and 5000 represent separate legal entities with a balanced set of books that are GAAP compliant.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The company codes 3000, 4000, and 5000 represent separate legal entities, which means they are distinct entities with their own financial records. Additionally, these entities have a balanced set of books, indicating that their financial statements are in balance and all transactions are properly recorded. Furthermore, they are GAAP compliant, meaning that their financial statements are prepared in accordance with Generally Accepted Accounting Principles. Therefore, the statement is true.Rate this question:
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- 7.
The majority of the transactions will post to company code 7766.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The given statement is false because it states that the majority of transactions will post to company code 7766. However, without any further information or context, it is not possible to determine which company code the majority of transactions will actually post to. Therefore, the answer is false.Rate this question:
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- 8.
In today’s terminology a distribution center will be a ____________ in SAP
- A.
Loading Zone
- B.
Storage Location
- C.
Plant
- D.
Compnay Code
- E.
All of the above
Correct Answer
C. PlantExplanation
In today's terminology, a distribution center is referred to as a "Plant" in SAP.Rate this question:
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- 9.
An Operating Expense account (a general ledger account) will begin with what # in SAP:
- A.
3xxxxx
- B.
6xxxxx
- C.
2xxxxx
- D.
4xxxxx
- E.
SAxxxx
Correct Answer
B. 6xxxxxExplanation
In SAP, an Operating Expense account (a general ledger account) will begin with the number 6xxxxx.Rate this question:
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- 10.
An Asset account (a general ledger account) will begin with what # in SAP:
- A.
1xxxxx
- B.
7xxxxx
- C.
2xxxxx
- D.
3xxxxx
- E.
SExxxx
Correct Answer
A. 1xxxxxExplanation
In SAP, an Asset account (a general ledger account) will begin with the number 1xxxxx. This numbering convention is used to categorize and identify asset accounts within the system.Rate this question:
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- 11.
A Liability account (a general ledger account) will begin with what # in SAP:
- A.
3xxxxx
- B.
6xxxxx
- C.
2xxxxx
- D.
4xxxxx
- E.
SAxxxx
Correct Answer
C. 2xxxxxExplanation
In SAP, a Liability account (a general ledger account) will begin with the number 2xxxxx.Rate this question:
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- 12.
Legacy account number 2364-50 Accrued Expenses will be mapped to which account within SAP?
- A.
364500
- B.
236450
- C.
211000
- D.
217217
- E.
All of the above depending on which Division
Correct Answer
D. 217217Explanation
The legacy account number 2364-50 Accrued Expenses will be mapped to account 217217 within SAP.Rate this question:
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- 13.
Legacy account number 1100-01 A/R Trade will be mapped to which account within SAP?
- A.
111000
- B.
121000
- C.
611000
- D.
411000
- E.
All of the above depending on which Division
Correct Answer
B. 121000Explanation
The legacy account number 1100-01 A/R Trade will be mapped to account 121000 within SAP.Rate this question:
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- 14.
Legacy department number 40 Admin will be mapped to which Cost Center within SAP?
- A.
301100
- B.
304100
- C.
400100
- D.
501100
- E.
All of the above depending on which Division
Correct Answer
E. All of the above depending on which DivisionExplanation
The correct answer is "All of the above depending on which Division". This means that the legacy department number 40 Admin can be mapped to any of the cost centers 301100, 304100, 400100, or 501100 within SAP, depending on which division it belongs to. The specific cost center will vary depending on the division's requirements or organizational structure.Rate this question:
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- 15.
The transaction code to display G/L account master record at the chart of account level is:
- A.
FSP0
- B.
FB03
- C.
XK05
- D.
FB60
- E.
ME2N
Correct Answer
A. FSP0Explanation
The transaction code FSP0 is used to display the G/L account master record at the chart of account level.Rate this question:
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- 16.
When accessing a General Ledger account, you can use the search functionality to find the number if you do not know it.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The given statement is true. When accessing a General Ledger account, the search functionality can be used to find the account number if it is not known. This feature allows users to easily locate specific accounts within the General Ledger, even if they are not familiar with the exact account number. By using the search functionality, users can save time and effort in finding the desired account.Rate this question:
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- 17.
The search functionality is represented within SAP by an icon that looks like:
- A.
Ear Plugs
- B.
Pencil
- C.
Binoculars
- D.
Green Arrow backward
- E.
Diskette
Correct Answer
C. BinocularsExplanation
The correct answer is "Binoculars" because binoculars are commonly used to search for distant objects or details. In the context of SAP, the search functionality is represented by the binoculars icon, indicating that users can use it to search for specific information or data within the SAP system.Rate this question:
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- 18.
In today’s terminology a department will be a ____________ in SAP
- A.
Profit Center
- B.
Cost Center
- C.
Storage Location
- D.
Charge Area
- E.
None of the above
Correct Answer
B. Cost CenterExplanation
In today's terminology, a department in SAP would be classified as a cost center. A cost center is a specific unit or department within an organization that incurs costs but does not directly generate revenue. It is used to track and allocate expenses within the organization, helping to determine the costs associated with specific departments or functions.Rate this question:
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- 19.
In the new SAP general ledger account structure, the cost center (department) is embedded in the six digit G/L account code – much like today’s legacy G/L account structure.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The explanation for the given correct answer is that in the new SAP general ledger account structure, the cost center (department) is not embedded in the six-digit G/L account code. This means that unlike today's legacy G/L account structure, the cost center is not included as part of the account code. Therefore, the statement is false.Rate this question:
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- 20.
SAP uses posting keys to post to FI. Modules drive the posting key. In (FI) G/L documents will use _______for debits.
- A.
40
- B.
21
- C.
31
- D.
99
- E.
DB
Correct Answer
A. 40Explanation
In SAP, posting keys are used to determine the type of posting that will be made in FI. Each module has its own specific posting keys. In this case, the question is asking about the posting key that will be used for debits in G/L (General Ledger) documents. The correct answer is 40, which means that a debit posting will be made in the G/L account.Rate this question:
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- 21.
How will you review G/L activity in SAP?
- A.
Use T-Code FAGLL03 G/L account line item display
- B.
Use T-Code FAGLB03 display G/L balances and then drilldown
- C.
Print out a G/L Open Item report
- D.
All of the above
Correct Answer
D. All of the above -
- 22.
USE THE SYSTEM TO ANSWER THE FOLLOWING: Create a general ledger journal entry. Use gl account numbers, you need to repost office supplies from one cost center to another – a reclass. Please credit (pick a dollar amount) the Admin cost center and debit the Occupancy cost center. Save your document number. The document number began with what two numbers?
- A.
99
- B.
71
- C.
14
- D.
13
- E.
RC
Correct Answer
D. 13Explanation
The correct answer is 13. The document number for the general ledger journal entry began with the number 13.Rate this question:
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- 23.
USE THE SYSTEM TO ANSWER THE FOLLOWING: Reverse the document you created in question 22. What is the document type (2 digit) number you received after reversing the document you created in question 22?
- A.
RR
- B.
AB
- C.
CD
- D.
F1
- E.
RC
Correct Answer
B. ABExplanation
The document type number received after reversing the document is AB.Rate this question:
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- 24.
USE THE SYSTEM TO ANSWER THE FOLLOWING: Display your reversal document you created above. What is the name of the field (hint: at the header level) that links the two documents together
- A.
Document
- B.
Revers. Doc. for
- C.
Audit Orgin. doc.
- D.
New Improv. doc.
- E.
SAP_New_doc.doc
Correct Answer
B. Revers. Doc. forExplanation
The field at the header level that links the two documents together is "Revers. Doc. for".Rate this question:
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- 25.
After you have posted a journal entry in SAP and have received a document number, you can delete that document if the dollar amount is incorrect.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because once a journal entry has been posted in SAP and a document number has been assigned, it cannot be deleted. SAP follows strict accounting principles and regulations, and once a transaction has been recorded, it cannot be simply deleted or removed. If there is an error in the dollar amount, a corrective entry or adjustment needs to be made to rectify the mistake, but the original entry cannot be deleted.Rate this question:
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- 26.
The following fields can be changed after posting a journal entry:
- A.
Line item text, the dollar amount, the gl account numbers
- B.
A. Line item text, the dollar amount, the gl account numbers The dollar amount, gl account numbers and the company code
- C.
Line item text, header text and the reference field (header level)
- D.
Posting keys, company code and gl account
Correct Answer
C. Line item text, header text and the reference field (header level) -
- 27.
Every time a document is created or changed there is a user id, date and time stamp recording the change
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
In most document management systems, it is common practice to record the user id, date, and time stamp whenever a document is created or modified. This information helps track the history of changes made to the document, allowing for accountability and version control. By capturing the user id, date, and time stamp, organizations can easily identify who made the changes and when they were made, ensuring transparency and facilitating collaboration. Therefore, the statement is true.Rate this question:
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- 28.
Why is H.D. Smith using the document parking functionality?
- A.
To practice entries
- B.
Because SAP doesn’t allow the posting of documents until month end (totally batch process)
- C.
Because the document is incomplete and you must wait until you receive needed information before you actually post the document
- D.
All of the above
- E.
None of the above
Correct Answer
C. Because the document is incomplete and you must wait until you receive needed information before you actually post the documentExplanation
H.D. Smith is using the document parking functionality because the document is incomplete and they need to wait until they receive the necessary information before they can post the document.Rate this question:
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- 29.
Intercompany documents are also called cross company documents in SAP.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Intercompany documents in SAP are indeed referred to as cross company documents. This term is used to describe documents that are shared between different entities or subsidiaries within the same organization. These documents are used for various purposes such as intercompany sales, intercompany transfers, and intercompany billing. By using cross company documents, organizations can streamline their internal processes and ensure accurate financial reporting across all entities.Rate this question:
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- 30.
Which transaction code is used to create an intercompany document?
- A.
FBL1N
- B.
ME2N
- C.
FB50
- D.
FB99
- E.
Z_ACT09
Correct Answer
C. FB50Explanation
The transaction code FB50 is used to create an intercompany document. This transaction allows users to enter a financial document that involves multiple company codes within the same organization. It is commonly used for intercompany transactions such as intercompany sales, intercompany loans, or intercompany transfers.Rate this question:
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- 31.
During the transition to SAP we will post journal entries to either SAP or the legacy system as follows:
- A.
FY11 entries to Legacy
- B.
FY12 entries to SAP
- C.
FY11 reversing entries with posting dates in FY12 to Legacy
- D.
All of the above
- E.
None of the above
Correct Answer
D. All of the aboveExplanation
During the transition to SAP, journal entries will be posted to both SAP and the legacy system. FY11 entries will be posted to the legacy system, FY12 entries will be posted to SAP, and FY11 reversing entries with posting dates in FY12 will also be posted to the legacy system. Therefore, all of the options mentioned in the question are correct.Rate this question:
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- 32.
Why is H. D. Smith implementing an SAP enterprise resource planning system?
- A.
To prepare to become a public company
- B.
To improve access to information through an "all in one" solution
- C.
To improve analysis of profitability
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
H. D. Smith is implementing an SAP enterprise resource planning system for multiple reasons. Firstly, they are preparing to become a public company, which requires them to have efficient and standardized systems in place. Secondly, they aim to improve access to information by implementing an "all in one" solution, which will streamline their operations and enhance data visibility. Lastly, the implementation of the SAP system will also enable them to improve their analysis of profitability, allowing them to make more informed business decisions. Therefore, the correct answer is "All of the above".Rate this question:
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Mar 19, 2023Quiz Edited by
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Sep 12, 2012Quiz Created by
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