Fact Basics # Part 1

The correct answer is "All of these" because the valuation techniques available through Product Masters include FIFO (First In, First Out), Average, LIFO (Last In, First Out), and Rated. These techniques are commonly used in inventory management to determine the value of goods or products. FIFO assumes that the first items purchased are the first ones sold, while LIFO assumes that the last items purchased are the first ones sold. Average calculates the average cost of items, and Rated assigns specific values to each item based on certain criteria. Therefore, all of these valuation techniques are available through Product Masters.

It is possible to activate Batchwise Inventory in the middle of the accounting year. This means that a company can choose to start tracking inventory using batch numbers at any point during the year, rather than having to wait until the beginning of a new accounting period. This flexibility allows businesses to implement batchwise inventory management whenever it is most convenient or necessary for their operations, without being restricted by the timing of the accounting year.

The correct answer is "None of the above" because the question is asking about the page in system controls where Serial No Tracking in Sales & Purchases is activated. However, the options provided (Sales and Purchases) do not correspond to system controls pages. Therefore, the correct answer is "None of the above" as none of the options provided are the correct page.

The correct answer is ctrl+insert button. This key combination allows the user to insert a line or another product in a Sale Order. By pressing ctrl+insert, the user can quickly add a new line or item to the existing order without having to manually navigate or click on any specific buttons or options. This shortcut helps to streamline the process and save time when working with Sale Orders.

A negative check for product balances is possible in FACT for backdated entries. This means that if there is a backdated entry for a product, the system can check if the product balance is negative or not. Therefore, the correct answer is False.

The statement "Activate Memorandum Entries is Activated/Ticked to get access to enter Inventory Memos" is false. Activating or ticking the "Activate Memorandum Entries" option does not grant access to enter inventory memos. The activation of this option is related to the creation and tracking of memorandum entries, which are used for recording non-financial transactions. It does not have any direct connection with inventory memos, which are used for documenting changes in inventory quantities or values.

The given statement is false. In FACT (Financial Accounting and Controlling), there is no maximum limit on the number of cash/bank accounts that can be defined or set. This means that an organization can define and set as many cash/bank accounts as needed within the system. Therefore, the correct answer is false.

The correct answer is "Masters / Document Class / Picture" because the Project Segment Number is determined or defined by the combination of the Masters, Document Class, and Picture. These three elements play a role in identifying and categorizing the project segment number.

The correct answer is both (A&B) because the initials of a data "folder" can have both numbers and alphabets. It is not limited to only numbers or only alphabets. The initials can be any combination of numbers and alphabets, including special characters.

The statement "It is possible to create a TEMPLATE for Debit/Credit Notes" is false. Debit and credit notes are typically used to record adjustments to a customer's account or to correct errors in invoices. Unlike invoices, which often have a standard format and can be easily templated, debit and credit notes are specific to each transaction and require individual customization. Therefore, it is not possible to create a template for debit/credit notes.

The correct answer is 30. This means that in FACT Account/Preferences/System Control/Sales/Purchase, the maximum number of invoice terms that can be defined is 30.

The given answer is incorrect because it states that both the Product Code and Document Class Code have the IMPORT facility in Master. However, there is no information provided in the question about the IMPORT facility in Master for either of these codes. Therefore, this combination cannot be identified as wrong based on the given information.

If there is negative stock for a product, it means that more of the product has been sold or used than what was available in inventory. In such a case, it would not be possible to activate batchwise inventory because there is a discrepancy in the stock levels. Batchwise inventory management requires accurate tracking and control of stock quantities, which is not possible when there is negative stock. Therefore, the statement that batchwise inventory cannot be activated if there is negative stock for the product is true.

The correct answer is "Payment Only" because a contra voucher is used to record transactions that involve both cash and bank accounts, but only for payment purposes. It is not used for recording receipts or any other type of transaction. Therefore, the contra voucher should only be used for payment transactions.

Opening Cash/Bank Balances are entered through the "Masters / Opening Balances / General Ledger Codes" option. This option allows the user to input the opening balances for cash and bank accounts in the general ledger codes section of the software. This ensures that the opening balances are accurately recorded and reflected in the financial statements. The other options mentioned, such as Cash/Bank Books and Sub ledger journals, are not the correct pathways for entering opening cash/bank balances.

The Reverse DB-CR button is not available in either the "Voucher - One Db/Cr" or the "Voucher - Many Db/Cr" options.

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The explanation for the given correct answer is that the system allows the user to set the precision for both quantity and rate independently. This means that the user can choose to have 3 decimal places for quantity and 3 decimal places for rate, or 4 decimal places for both, or 2 decimal places for both. Therefore, all of the options mentioned in the question are possible choices for setting the quantity and rate precision.

The terms code in the FACT account preferences system control for sales and purchase invoices can be any character, including special characters. This means that the code can contain letters, numbers, and special characters, providing flexibility in creating unique and specific terms for invoices.

The Alt GL Code defined through Masters / Chart of Accounts / General Ledger is shown on the Trial Balance – Date To Date report. This report displays the balances of accounts within a specified date range, allowing for a comparison of account balances over time. The Alt GL Code is a unique identifier assigned to each account, and it helps in organizing and categorizing accounts in the chart of accounts. By including the Alt GL Code on the Trial Balance – Date To Date report, users can easily track and analyze the financial performance of specific accounts over a specific period.