Finance Assessment Ultimate Trivia Quiz

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Finance Assessment Ultimate Trivia Quiz - Quiz


Finance is the management of abundant sums of money, which large companies typically oversee. Finance involves a myriad of principles. For this quiz, you will be required to know whether parked documents reduce the budget, why invoices are parked, what the accounts payable approver do before they post a parked invoice and the two types of receipts. This quiz will bring you into the financial world. Good luck to you.


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

    Correct Answer
    A. True
    Explanation
    The explanation for the given correct answer is that the three-way match is a process used in accounting and procurement to ensure that the quantity and price of goods or services received match the quantity and price specified in the purchase order. It involves comparing the information on the purchase order, the goods receipt, and the vendor invoice to ensure consistency and accuracy. By conducting a three-way match, organizations can prevent overpayment, detect discrepancies, and maintain financial control over their procurement process. Therefore, the statement that 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 is true.

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  • 2. 

    Parked documents reduce the budget.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Parked documents refer to documents that are temporarily stored or put on hold within a system or process. These parked documents can often create inefficiencies and delays, leading to increased costs and reduced budget. Therefore, the statement "Parked documents reduce the budget" is true, as it implies that the presence of parked documents can have a negative impact on the budget.

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  • 3. 

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

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Parked documents do not create an account posting and therefore the amount is not included in the Financial Statement.

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  • 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)

    Correct Answer(s)
    A. Segregation of duties between processing and approving functions.
    C. Unsuccessful three-way match (e.g. invoice amount is higher than the GR amount)
    Explanation
    Invoices can be parked for the reasons of segregation of duties between processing and approving functions and unsuccessful three-way match. Segregation of duties ensures that different individuals are responsible for different steps in the invoice processing and approval process, reducing the risk of fraud or errors. An unsuccessful three-way match occurs when the invoice amount is higher than the goods receipt amount, indicating a discrepancy that needs to be resolved before the invoice can be processed further.

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  • 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.

    Correct Answer(s)
    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.
    Explanation
    Before posting a parked invoice, the Accounts Payable Approver must verify the three-way match to ensure that the goods and/or services received do not exceed the amount in the purchase order, and that the amount invoiced matches the amount received. Additionally, they must verify that the invoice contains the correct data for the vendor, bank, GL code, etc. This is important to ensure accuracy and prevent any discrepancies or errors in the payment process.

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  • 6. 

    You can change a parked invoice before posting it.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    This statement is true because a parked invoice refers to an invoice that has been created but not yet posted or finalized. Since it has not been posted, it can still be edited or modified before it is officially recorded in the accounting system. Once the invoice is posted, it becomes a permanent record and any changes would require adjustments or corrections. Therefore, the ability to change a parked invoice before posting it is indeed true.

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  • 7. 

    Posting an invoice is the same thing as approving the invoice. 

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    When it is stated that posting an invoice is the same thing as approving the invoice, it means that the act of posting the invoice is considered as giving approval or confirming its accuracy and validity. In other words, when an invoice is posted, it is being officially acknowledged and accepted as a valid document for payment or further processing. Therefore, the statement is true as both actions imply the same level of endorsement for the invoice.

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  • 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.

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

    Correct Answer
    B. Cheques and Electronic Funds Transfer.
    Explanation
    The correct answer is Cheques and Electronic Funds Transfer. These two types of receipts are commonly used in financial transactions. Cheques are physical documents issued by individuals or businesses to transfer funds from one account to another. Electronic Funds Transfer, on the other hand, is a digital method of transferring funds between accounts without the need for physical documents. Both methods are widely used and offer convenience and security in financial transactions.

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  • 10. 

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

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    This statement suggests that regardless of the source or origin of a receipt, it should still be posted or recorded. This implies that the act of posting or recording receipts is a necessary and important step, regardless of whether the origin of the receipt is known or not.

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  • 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.

    Correct Answer
    B. The value date of the receipt.
    Explanation
    The value date of the receipt is the correct answer because it refers to the date on which the funds are actually available for use. This is important for accurate accounting and tracking of financial transactions. The date of posting in the system and the date of parking in the system may not necessarily reflect the actual availability of funds, so they are not as relevant in determining the date of a receipt.

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  • 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.

    Correct Answer(s)
    B. When an electronic bank statement is unavailable.
    C. When automatic clearing is unsuccessful.
    Explanation
    Manual clearing is necessary in situations where an electronic bank statement is unavailable and when automatic clearing is unsuccessful. In the absence of an electronic bank statement, manual clearing is required to reconcile and process bank transactions. Similarly, when automatic clearing fails to match and clear transactions, manual intervention is needed to manually reconcile and clear those transactions. Therefore, in these situations, manual clearing becomes necessary to ensure accurate and complete processing of bank activities.

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  • 13. 

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

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    An automated bank statement is a digital record of all transactions made by a bank account. However, if this automated statement is not available, it means that the bank has not provided a digital record. In such a case, SAP, which is a software used for financial management, can still be used to reconcile the bank statement. This implies that SAP has the capability to reconcile bank statements even without the automated version. Therefore, the statement is true.

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