Fi04 - Accounts Payable - Kc

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| By Timothy Johnson
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  • 1/21 Questions

    If the 3-way match is successful, the invoice will automatically go to the payment queue.

    • True
    • False
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About This Quiz

SAP Training
Copyright 2011 by Lawson Products, Inc. All rights reserved.

Fi04 - Accounts Payable - Kc - Quiz

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  • 2. 

    What core SAP Finance module is the AP Application Component part of?

    • Profitability Analysis

    • Financial Accounting (FI)

    • Cost Accounting

    • None of the above

    Correct Answer
    A. Financial Accounting (FI)
    Explanation
    The AP Application Component is part of the Financial Accounting (FI) module in SAP. This module focuses on managing financial transactions, including accounts payable (AP). AP involves recording and managing all outgoing payments to vendors and suppliers. Therefore, it falls under the Financial Accounting module, which handles all financial transactions and reporting within an organization.

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  • 3. 

    What three items does SAP compare to verify the 3-way match?

    • Vendor invoice, Purchase order price, Warehouse receipt quantity

    • Issuer invoice, Purchase order price, Goods receipt quantity

    • Vendor invoice, Purchase order price, Goods receipt quantity.

    • Vendor invoice, Requisition quote price, Goods receipt quantity

    Correct Answer
    A. Vendor invoice, Purchase order price, Goods receipt quantity.
    Explanation
    SAP compares the vendor invoice, purchase order price, and goods receipt quantity to verify the 3-way match. This means that SAP checks if the vendor invoice matches the agreed purchase order price and if the quantity of goods received matches the quantity ordered. This ensures that the invoice is accurate and that the goods received match the order, helping to prevent errors and discrepancies in the procurement process.

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  • 4. 

    All postings in AP are recorded directly in the General Ledger.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    This statement is true because in an accounting system, all postings made in the Accounts Payable (AP) module are recorded directly in the General Ledger. The General Ledger is the central repository for all financial transactions in an organization, and it is important to have accurate and up-to-date information in the General Ledger to ensure the integrity of the financial statements. By recording AP postings directly in the General Ledger, it eliminates the need for manual reconciliation or adjustments, improving efficiency and accuracy in the accounting process.

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  • 5. 

    How is Accounts Payable part of the Procure-to-Pay (P2P) end-to-end process?

    • It is not part of the P2P process

    • It provides a historical record of vendor reliability

    • It manages the payment and processing of vendor payables

    • It provides a real time perspective on global inventory levels.

    Correct Answer
    A. It manages the payment and processing of vendor payables
    Explanation
    Accounts Payable is part of the Procure-to-Pay (P2P) end-to-end process because it is responsible for managing the payment and processing of vendor payables. This involves receiving and verifying invoices, matching them with purchase orders and receipts, and making payments to vendors. By handling the payment process, Accounts Payable ensures that vendors are paid accurately and on time, which is a crucial step in the overall P2P process.

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  • 6. 

    What core SAP Finance module is the AP Application Component part of?

    • Profitability Analysis

    • Cost Accounting

    • Financial Accounting (FI)

    • None of the above

    Correct Answer
    A. Financial Accounting (FI)
    Explanation
    The AP Application Component is part of the Financial Accounting (FI) module in SAP. This module focuses on managing financial transactions, including accounts payable (AP) processes such as invoice processing, payment processing, and vendor management. Financial Accounting (FI) is a core module in SAP that integrates with other modules to provide a comprehensive financial management solution for organizations.

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  • 7. 

    Documents generated using Transaction ZFI_FB01 can be reversed using Transaction FB08.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The given statement is true. Documents that are generated using Transaction ZFI_FB01 can indeed be reversed using Transaction FB08. This means that if a document is created using Transaction ZFI_FB01, it can be easily reversed or cancelled using Transaction FB08. This functionality allows for the correction of any errors or mistakes made during the document creation process.

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  • 8. 

    A vendor credit memo is a ___________of all or part of a vendor invoice.  

    • Reversal

    • Revision

    • Reposting

    • Cancellation

    Correct Answer
    A. Reversal
    Explanation
    A vendor credit memo is a reversal of all or part of a vendor invoice. This means that the credit memo is issued to correct any errors or discrepancies in the original invoice. It is a way for the vendor to acknowledge and rectify any overcharges or incorrect billing. The credit memo serves as a proof of the reversal and allows the vendor to adjust their accounts payable accordingly.

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  • 9. 

    Fill in the blank: Specification of ____________ enables SAP to select open items to be paid.  

    • Limits

    • Parameters

    • Status

    • Values

    Correct Answer
    A. Parameters
    Explanation
    The specification of parameters enables SAP to select open items to be paid. Parameters are specific conditions or criteria that can be set in order to filter and select the desired open items for payment. By specifying the parameters, SAP can effectively narrow down the selection and ensure that only the appropriate open items are chosen for payment.

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  • 10. 

    What are the Four P's (and sometimes E)?

    • Parameters, Presentation Run, Edit Proposal Run, Proof Run, Print

    • Parameters, Proposal Run, Earnings Proposal Run, Payment Run, Post

    • Parameters, Proposal Run, Edit Proposal Run, Payment Run, Print

    • None of the above

    Correct Answer
    A. Parameters, Proposal Run, Edit Proposal Run, Payment Run, Print
    Explanation
    The correct answer is Parameters, Proposal Run, Edit Proposal Run, Payment Run, Print. This answer accurately identifies the four main components of the Four P's in marketing, which are Product, Price, Promotion, and Place. The addition of "Edit Proposal Run" is an extra component that is sometimes included, making it the Four P's (and sometimes E). This answer aligns with the commonly accepted framework for marketing strategies.

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  • 11. 

    Tolerance is a variance between the:

    • Requisition, PO, GR price and quantity

    • Invoice, Transfer Order, GR price and quantity

    • Invoice, PO, General Ledger

    • Invoice, PO, GR price and quantity

    Correct Answer
    A. Invoice, PO, GR price and quantity
    Explanation
    A more thorough definition of tolerance is the maximum allowable difference between the Invoice, PO, and GR price and quantity that will still allow the invoice to be paid.

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  • 12. 

    Documents with cleared items can be reversed.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Documents with cleared items cannot be reversed. Once an item has been cleared in a document, it is considered final and cannot be undone. Reversing a document means undoing all the transactions and changes made in that document, which is not possible for documents with cleared items.

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  • 13. 

    Why is organizational structure important?

    • It establishes parameters that allow for compliance with business rules.

    • It forms a framework that supports all business activities

    • It clearly defines resources needed and facilitates cross training

    • The structure is built to accommodate expansion due to technological innovation

    Correct Answer
    A. It forms a framework that supports all business activities
    Explanation
    Organizational structure is important because it provides a framework that supports all business activities. It helps in defining the roles, responsibilities, and relationships within the organization, ensuring clarity and efficiency in workflow. By establishing a structure, businesses can effectively coordinate and allocate resources, facilitate communication and decision-making, and promote collaboration among employees. This framework also enables effective management and supervision, ensuring that tasks are properly assigned and goals are achieved. Overall, a well-defined organizational structure helps businesses operate smoothly and achieve their objectives.

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  • 14. 

    What are the 3 types of invoices?

    • FI/Virtual Purchase Invoice, PO/GR Invoice, Blanket PO Invoice

    • FI/Non-PO Invoice, PO/GR Invoice, Blanket PO Invoice

    • FI/Non-PO Invoice, FI/P2P Invoice, Blanket PO Invoice

    • FI/Non-PO Invoice, PO/GR Invoice, Cover Invoice

    Correct Answer
    A. FI/Non-PO Invoice, PO/GR Invoice, Blanket PO Invoice
  • 15. 

    What transaction is used to manually clear vendor open items?

    • MR11

    • F-44

    • FBRA

    • None of the above

    Correct Answer
    A. F-44
    Explanation
    F-44 is the correct answer because it is a transaction code in SAP that is used to manually clear vendor open items. This transaction allows users to enter the vendor account number and the amount to be cleared, which will then update the vendor's account and clear the open items.

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  • 16. 

    Transaction ZFIAP1 is used to notify all vendors.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Transaction ZFIAP1 is not used to notify all vendors. This statement implies that there is a specific transaction called ZFIAP1, but it is not used for notifying vendors. Therefore, the correct answer is False.

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  • 17. 

    What is the transaction to enter a vendor credit memo with reference to an invoice?    

    • MR11

    • FB65

    • F110

    • FB44

    Correct Answer
    A. FB65
    Explanation
    To enter a vendor credit memo with reference to an invoice, the transaction code FB65 should be used. FB65 is the transaction code for entering a vendor credit memo in SAP.

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  • 18. 

    Before posting an invoice, you can__________ the invoice to check over your work?

    • Simulate

    • Review

    • Calculate

    • Project

    Correct Answer
    A. Simulate
    Explanation
    Before posting an invoice, you can simulate the invoice to check over your work. This means that you can create a virtual representation or imitation of the invoice process to see how it would work in practice. By simulating the invoice, you can identify any errors or issues before actually posting it, allowing you to make any necessary adjustments or corrections. This helps ensure accuracy and efficiency in the invoicing process.

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  • 19. 

    What are SAP organizational elements?

    • The smallest segment of an end-to-end SAP procedure

    • Programming object that implement the overall business protocol

    • Structures representing legal and/or organizational views of an enterprise

    • The internal work teams responsible for determining financial policy and process

    Correct Answer
    A. Structures representing legal and/or organizational views of an enterprise
    Explanation
    SAP organizational elements are structures that represent the legal and/or organizational views of an enterprise. These elements help define the structure and hierarchy of an organization within the SAP system. They include elements such as company codes, organizational units, and functional areas. These elements are used to define and manage various aspects of the organization, such as financial accounting, human resources, and sales and distribution.

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  • 20. 

    What is a company code?

    • An independent accounting unit

    • A number assigned by the SEC for all publicly traded companies.

    • A number that identifies both the customer and Agent for a purchase transaction

    • A number used to identify a specific organizational element

    Correct Answer
    A. An independent accounting unit
    Explanation
    A company code refers to an independent accounting unit within an organization. It is a distinct entity that is responsible for maintaining its own financial records and conducting financial transactions. This allows for better control and management of financial activities within the organization. The company code is typically assigned a unique code or number to differentiate it from other units within the organization.

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  • 21. 

     Finance organizational elements include:

    • P & L, Controlling Area, Asset Control Area

    • Financial Accounting, Controlling Area, Operating Concern

    • Controlling Area, Credit Control Area, Operating Concern

    • Credit Control Area, Company Code, Accounting Unit

    Correct Answer
    A. Controlling Area, Credit Control Area, Operating Concern
    Explanation
    The correct answer is Controlling Area, Credit Control Area, Operating Concern. These elements are all related to finance and play a crucial role in financial management and control. The controlling area is responsible for cost accounting and internal reporting. The credit control area is responsible for managing credit limits and monitoring customer creditworthiness. The operating concern is a key component of profitability analysis and helps in evaluating the profitability of different business segments.

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Quiz Review Timeline (Updated): Mar 17, 2023 +

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  • Current Version
  • Mar 17, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jun 16, 2011
    Quiz Created by
    Timothy Johnson
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