Accounting - General Ledger

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  • 1/32 Questions

    When accessing a General Ledger account, you can use the search functionality to find the number if you do not know it.

    • True
    • False
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About This Quiz

This quiz focuses on the integration and functionalities of SAP within the General Ledger context, assessing knowledge on real-time data transfer, external reporting, and structure of financial entities. It is crucial for understanding SAP's role in financial reporting and management.

General Ledger Quizzes & Trivia

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  • 2. 

    Intercompany documents are also called cross company documents in SAP.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 3. 

    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

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 4. 

    Every time a document is created or changed there is a user id, date and time stamp recording the change

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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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.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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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.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 7. 

    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.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 8. 

    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

    • Document

    • Revers. Doc. for

    • Audit Orgin. doc.

    • New Improv. doc.

    • SAP_New_doc.doc

    Correct Answer
    A. Revers. Doc. for
    Explanation
    The field at the header level that links the two documents together is "Revers. Doc. for".

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  • 9. 

    The search functionality is represented within SAP by an icon that looks like:

    • Ear Plugs

    • Pencil

    • Binoculars

    • Green Arrow backward

    • Diskette

    Correct Answer
    A. Binoculars
    Explanation
    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.

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  • 10. 

    The majority of the transactions will post to company code 7766.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 11. 

    An Asset account (a general ledger account) will begin with what # in SAP:

    • 1xxxxx

    • 7xxxxx

    • 2xxxxx

    • 3xxxxx

    • SExxxx

    Correct Answer
    A. 1xxxxx
    Explanation
    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.

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  • 12. 

    The following fields can be changed after posting a journal entry:

    • Line item text, the dollar amount, the gl account numbers

    • A. Line item text, the dollar amount, the gl account numbers The dollar amount, gl account numbers and the company code

    • Line item text, header text and the reference field (header level)

    • Posting keys, company code and gl account

    Correct Answer
    A. Line item text, header text and the reference field (header level)
  • 13. 

    In  today’s terminology a distribution center will be a ____________  in SAP

    • Loading Zone

    • Storage Location

    • Plant

    • Compnay Code

    • All of the above

    Correct Answer
    A. Plant
    Explanation
    In today's terminology, a distribution center is referred to as a "Plant" in SAP.

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  • 14. 

    SAP uses posting keys to post to FI. Modules drive the posting key. In (FI) G/L documents will use _______for debits.

    • 40

    • 21

    • 31

    • 99

    • DB

    Correct Answer
    A. 40
    Explanation
    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.

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  • 15. 

    How will you review G/L activity in SAP?

    • Use T-Code FAGLL03 G/L account line item display

    • Use T-Code FAGLB03 display G/L balances and then drilldown

    • Print out a G/L Open Item report

    • All of the above

    Correct Answer
    A. All of the above
  • 16. 

    During the transition to SAP we will post journal entries to either SAP or the legacy system as follows:

    • FY11 entries to Legacy

    • FY12 entries to SAP

    • FY11 reversing entries with posting dates in FY12 to Legacy

    • All of the above

    • None of the above

    Correct Answer
    A. All of the above
    Explanation
    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.

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  • 17. 

    In today’s terminology a department will be a ____________  in SAP

    • Profit Center

    • Cost Center

    • Storage Location

    • Charge Area

    • None of the above

    Correct Answer
    A. Cost Center
    Explanation
    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.

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  • 18. 

    An Operating Expense account (a general ledger account) will begin with what # in SAP:

    • 3xxxxx

    • 6xxxxx

    • 2xxxxx

    • 4xxxxx

    • SAxxxx

    Correct Answer
    A. 6xxxxx
    Explanation
    In SAP, an Operating Expense account (a general ledger account) will begin with the number 6xxxxx.

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  • 19. 

    Legacy account number 1100-01 A/R Trade will be mapped to which account within SAP?

    • 111000

    • 121000

    • 611000

    • 411000

    • All of the above depending on which Division

    Correct Answer
    A. 121000
    Explanation
    The legacy account number 1100-01 A/R Trade will be mapped to account 121000 within SAP.

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  • 20. 

    The transaction code to display G/L account master record at the chart of account level is:

    • FSP0

    • FB03

    • XK05

    • FB60

    • ME2N

    Correct Answer
    A. FSP0
    Explanation
    The transaction code FSP0 is used to display the G/L account master record at the chart of account level.

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  • 21. 

    A Liability account (a general ledger account) will begin with what # in SAP:

    • 3xxxxx

    • 6xxxxx

    • 2xxxxx

    • 4xxxxx

    • SAxxxx

    Correct Answer
    A. 2xxxxx
    Explanation
    In SAP, a Liability account (a general ledger account) will begin with the number 2xxxxx.

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  • 22. 

    Why is H. D. Smith implementing an SAP enterprise resource planning system?

    • To prepare to become a public company

    • To improve access to information through an "all in one" solution

    • To improve analysis of profitability

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    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".

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  • 23. 

    Today our divisions and distribution centers are equal to what in SAP?

    • A profit center and a company code

    • A company code and a plant

    • A profit center and a plant

    • A client and a profit center

    • A controlling area and a plant

    Correct Answer
    A. A profit center and a plant
    Explanation
    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.

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  • 24. 

    The Finance Module (FI) is used for __________ reporting.

    • Internal

    • External

    • Cost Center

    • Profit Center

    Correct Answer
    A. External
    Explanation
    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.

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  • 25. 

    Why is H.D. Smith using the document parking functionality?

    • To practice entries

    • Because SAP doesn’t allow the posting of documents until month end (totally batch process)

    • Because the document is incomplete and you must wait until you receive needed information before you actually post the document

    • All of the above

    • None of the above

    Correct Answer
    A. Because the document is incomplete and you must wait until you receive needed information before you actually post the document
    Explanation
    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.

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  • 26. 

    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.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 27. 

    Which transaction code is used to create an intercompany document?

    • FBL1N

    • ME2N

    • FB50

    • FB99

    • Z_ACT09

    Correct Answer
    A. FB50
    Explanation
    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.

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  • 28. 

    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?

    • RR

    • AB

    • CD

    • F1

    • RC

    Correct Answer
    A. AB
    Explanation
    The document type number received after reversing the document is AB.

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  • 29. 

    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

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 30. 

    Legacy department number 40 Admin will be mapped to which Cost Center within SAP?

    • 301100

    • 304100

    • 400100

    • 501100

    • All of the above depending on which Division

    Correct Answer
    A. All of the above depending on which Division
    Explanation
    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.

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  • 31. 

    Legacy account number 2364-50 Accrued Expenses will be mapped to which account within SAP?

    • 364500

    • 236450

    • 211000

    • 217217

    • All of the above depending on which Division

    Correct Answer
    A. 217217
    Explanation
    The legacy account number 2364-50 Accrued Expenses will be mapped to account 217217 within SAP.

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  • 32. 

    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?

    • 99

    • 71

    • 14

    • 13

    • RC

    Correct Answer
    A. 13
    Explanation
    The correct answer is 13. The document number for the general ledger journal entry began with the number 13.

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Quiz Review Timeline (Updated): Mar 19, 2023 +

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  • Current Version
  • Mar 19, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Sep 12, 2012
    Quiz Created by
    Rdenta
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