Accounts Receivable Quiz Questions: Test!

To ensure proper functioning and security, it is necessary to settle authorizations for both sales order and ad hoc scenarios. This means that permissions and access controls should be established for both planned sales orders as well as any unplanned or ad hoc situations that may arise. By doing so, the organization can maintain control over its sales processes and ensure that only authorized individuals have the necessary permissions to carry out these activities. Therefore, the statement that you need to settle authorizations for both the sales order and ad hoc scenarios is true.

In accounting, the General Ledger is the central repository where all financial transactions are recorded. It serves as a complete and chronological record of all postings made within an organization. Therefore, the statement that all postings in AR (Accounts Receivable) are recorded directly in the General Ledger is true. This means that any transaction related to accounts receivable, such as sales, customer payments, or adjustments, will be recorded in the General Ledger to maintain accurate financial records.

The AR Application Component is part of the Financial Accounting (FI) module in SAP. This module focuses on managing financial transactions and generating financial statements. AR, which stands for Accounts Receivable, is a key component of the FI module as it involves managing customer invoices and tracking incoming payments. Therefore, the correct answer is Financial Accounting (FI).

A check is defined as unprocessed if neither the customer nor payment-related invoices can be identified. This means that the check has not been recorded or matched with any specific customer or invoice. It indicates that the payment has not been applied or processed yet.

The billing document is created in the Sales & Distribution (SD) module of SAP. This module is responsible for managing the sales and distribution processes within an organization. It includes functionalities such as sales order processing, pricing, shipping, and billing. Therefore, it is logical that the billing document, which is a crucial part of the sales process, is created in the SD module. The other modules mentioned, Warehouse Management (WM) and Customer Relations Management (CRM), do not have direct involvement in the creation of billing documents.

The correct answer is "Transactions that have not been cleared and remain on the customer’s account." This answer accurately describes open items as transactions that have not been cleared, meaning they have not been reconciled or resolved, and they still remain on the customer's account. Open items can include unpaid invoices, pending payments, or any outstanding transactions that have not been fully processed or closed.

Accounts Receivable is part of the Quote to Cash (Q2C) end-to-end process because it is responsible for managing the collection and processing of customer receivables. This means that it handles the tracking and recording of payments owed by customers, as well as the collection and processing of those payments. This is an essential step in the Q2C process as it ensures that the company receives payment for the products or services provided to customers.

The statement is true because clearing customer invoices using a separate transaction for ad hoc authorizations allows for better control and tracking of the authorization process. By using a separate transaction, companies can ensure that each authorization is properly recorded and accounted for, reducing the risk of errors or unauthorized access. This also allows for easier auditing and monitoring of the authorization process, ensuring compliance with internal controls and regulatory requirements.

The document header is the section of a journal entry document where important information about the document is displayed, such as the document date and document number. This section is typically located at the top of the document and provides a summary of key details. It helps to identify and track the document within a system or database.

The accounting document or "invoice" is generated from the billing document in Sales & Distribution. This document contains all the relevant information about the products or services provided to the customer, including the quantities, prices, and any applicable taxes or discounts. It serves as a record of the transaction and is used for billing purposes. The billing document is created in the Sales & Distribution module and is then used to generate the accounting document or invoice.

Payments are applied to accounts with open items to clear them. This means that when a payment is made, it is allocated to the specific open item on the account, reducing the outstanding balance and effectively clearing the open item. This process ensures that all outstanding transactions are accounted for and resolved, resulting in a balanced account.

The transaction code FB03 is used to display a document in SAP. This transaction allows users to view the details of a specific document, such as the document number, posting date, and amount. It provides a comprehensive overview of the document, including the line items and any related documents. By entering the document number in FB03, users can easily access and review the information they need.

Organizational structure is important because it provides a framework that supports all business activities. It helps in defining roles, responsibilities, and reporting relationships within an organization, ensuring that everyone knows their place and how they fit into the overall structure. This framework helps in coordinating and aligning various functions and departments, facilitating effective communication, decision-making, and collaboration. It also helps in streamlining processes, improving efficiency, and ensuring that resources are utilized effectively. Overall, a well-defined organizational structure provides clarity, direction, and stability, enabling the smooth functioning of the business and supporting its goals and objectives.

SAP organizational elements are structures that represent the legal and/or organizational views of an enterprise. These elements help in organizing and managing various aspects of the business, such as departments, divisions, and locations. They provide a hierarchical structure that allows for efficient management and coordination of resources within the organization. These elements are essential for configuring and customizing SAP systems to align with the specific requirements of the enterprise.

F-28 is the correct answer because it is the transaction code used in SAP for customer payment processing. It is used for any form of payment other than lockbox and credit cards, such as cash, checks, wire transfers, ACH, etc. F-28 allows users to enter and post incoming payments from customers, update customer account balances, and clear open items.

The company code refers to an independent accounting unit within a company. It is a distinct entity that is responsible for its own financial records and reporting. This allows for better organization and management of financial information within the company.

The correct sequence of tasks in the SAP Lockbox process is ZFIAR, FLB2, FLB1. This means that the first task is ZFIAR, followed by FLB2, and finally FLB1.

The correct answer is Controlling Area, Credit Control Area, Operating Concern. These are the organizational elements in SAP Finance. The Controlling Area is responsible for cost controlling and profitability analysis. The Credit Control Area is responsible for managing credit limits and credit control for customers. The Operating Concern is a management accounting organizational element that allows for the analysis of profitability and performance.