Fact Basics # Part 1
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- 1.TERMS Code in FACT Account/ Preferences/ System Control/ Sales/Purchase - Invoice Terms can be
- A.
Only alphabets
- B.
Only numbers
- C.
Both
- D.
It could be any character including special characters
- 2.The Number of Invoice Terms that may be defined in FACT Account/ Preferences/ System Control/ Sales/Purchase - Invoice Terms to the maximum
- A.
20
- B.
15
- C.
30
- D.
30 & above
- 3.Data “folder” initials can have
- A.
Only Numbers
- B.
Only Alphabets
- C.
Both (A& B)
- D.
It could be any character including special characters
- 4.It is possible to set the Quantity and Rate Precision as
- A.
Quantity – 3 decimal, Rate – 3 Decimal
- B.
Quantity – 4 decimal, Rate – 4 Decimal
- C.
Quantity – 2 decimal, Rate – 2 Decimal
- D.
All of above
- 5.Identify the wrong combination
- A.
Product Code and Document Class Code – both are 15 characters
- B.
Product Code and Document Class Code – both have the IMPORT facility in Master
- C.
Product Code and Document Class Code – both has the MASS Delete option
- D.
Product Code and Document Class – both can be Active or Dormant
- 6.A negative check for product balances is not possible in FACT for back dated entries
- A.
True
- B.
False
- 7.It is possible to create a TEMPLATE for Debit/ Credit Notes
- A.
True
- B.
False
- 8.It is possible to activate Batchwise Inventory middle of the Accounting Year
- A.
True
- B.
False
- 9.Batchwise inventory cannot be activated if there is negative stock for the product
- A.
True
- B.
False
- 10.Maximum 9999 numbers of Cash/ Bank can be defined/ set in FACT
- A.
True
- B.
False
- 11.The Alt GL Code defined thru Masters / Chart of Accounts / General Ledger is shown on the following reports
- A.
Trial Balance – Normal
- B.
Trial Balance – Date To Date
- C.
Trial Balance – Groupwise
- D.
All
- 12.The Valuation Techniques available through Product Masters are
- A.
FIFO , Average
- B.
LIFO, Rated
- C.
All of these
- 13.The Reverse DB-CR button is available in
- A.
Voucher - One Db/Cr
- B.
Voucher - Many Db/Cr
- C.
None of the above
- 14.Project Segment Number is defined through
- A.
Masters / Document Class / Codes
- B.
Masters / Document Class / Picture
- C.
Masters / General Ledger Codes
- 15.Contra voucher should be
- A.
Receipt Only
- B.
Payment Only
- C.
Both of above
- 16.Identify the right combination
- A.
Auto Calculated Amount and Many Db/Cr Voucher
- B.
Auto Distributed Amount and Customers / Vendor - Receipt/ Payment
- C.
None of the above
- 17.Serial No Tracking in Sales & Purchases is activated from the following page in system controls
- A.
Sales
- B.
Purchases
- C.
None of the above
- 18.Opening Cash/Bank Balances are entered through
- A.
Masters / Opening Balances / Cash / Bank Books
- B.
Masters / Opening Balances / General Ledger Codes
- C.
Masters / Opening Balances / Sub ledger journals
- 19.Activate Memorandum Entries is Activated/Ticked to get access to enter Inventory Memos
- A.
True
- B.
False
- 20.It is possible to insert a line/ another product in Sale Order by using
- A.
Insert button
- B.
Alt+ Insert button
- C.
Ctrl+insert button
- D.
Alt +I
- E.
CTrl+I
Questions: 9 | Attempts: 591 | Last updated: Mar 21, 2022
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