Finance Assessment Ultimate Trivia Quiz

13 Questions | Total Attempts: 2193

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Finance Assessment Ultimate Trivia Quiz

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Questions and Answers
  • 1. 
    The three-way match is used to verify that goods and/or services received do not exceed the amount in the purchase order and the amount invoiced matches the amount received.
    • A. 

      True

    • B. 

      False

  • 2. 
    Parked documents reduce the budget.
    • A. 

      True

    • B. 

      False

  • 3. 
    Parked documents create an account posting and the amount is included in the Financial Statement. 
    • A. 

      True

    • B. 

      False

  • 4. 
    Invoices are parked for the following reasons: 
    • A. 

      Segregation of duties between processing and approving functions.

    • B. 

      Funds Reservations not completed.

    • C. 

      Unsuccessful three-way match (e.g. invoice amount is higher than the GR amount)

  • 5. 
    What must the Accounts Payable Approver do before he/she posts a parked invoice?
    • A. 

      Verify the three way match that goods and/or services received do not exceed the amount in the purchase order and the amount invoiced matches the amount received.

    • B. 

      Verify that the invoice has the correct data for the vendor, bank, GL code, etc.

    • C. 

      Post a Journal Voucher entry.

  • 6. 
    You can change a parked invoice before posting it.
    • A. 

      True

    • B. 

      False

  • 7. 
    Posting an invoice is the same thing as approving the invoice. 
    • A. 

      True

    • B. 

      False

  • 8. 
    Select the correct sequence of tasks for automatic payment processing:
    • A. 

      Parameters entered, Payment Proposal created, Payment Run carried out, Schedule Print carried out.

    • B. 

      Payment Proposal created, Parameters entered, Payment Run carried out, Schedule Print carried out.

    • C. 

      Payment Proposal created, Parameters entered, Schedule Print carried out, Payment Run carried out.

  • 9. 
    What are the two types of receipts? 
    • A. 

      Direct Cash Transfer and Electronic Funds Transfer.

    • B. 

      Cheques and Electronic Funds Transfer.

    • C. 

      Cheques and Direct Cash Transfer.

  • 10. 
    Even if a receipt’s origin is unknown, it must be posted.
    • A. 

      True

    • B. 

      False

  • 11. 
    The date of a receipt should be: 
    • A. 

      The date of posting in the system.

    • B. 

      The value date of the receipt.

    • C. 

      The date of parking in the system.

  • 12. 
    In which situations is manual clearing necessary?
    • A. 

      When bank activity is provided.

    • B. 

      When an electronic bank statement is unavailable.

    • C. 

      When automatic clearing is unsuccessful.

  • 13. 
    If an automated bank statement is not available, that bank statement can still be reconciled in SAP.
    • A. 

      True

    • B. 

      False