Finance Assessment

13 Questions
Finance Assessment

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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 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. 
    • 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. 
    Select all answers that are correct.  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 one answer.  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. 
    Select one answer.  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. 
    Select one answer.  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. 
    Select all answers that are correct. 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