GL & AP Quiz

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1/20 Questions

Your organization has just bought new PC’s for new incoming employees. This should be registered as:
- An asset
- A liability
- Equity
- Nothing because your company is money laundering

About This Quiz

2.

How do you correct an incorrect posted transaction?
- You can change the amount after it has been posted
- Delete it and start over again
- Create a new transaction to reverse the incorrect one
- None of the above
Correct Answer

A. Create a new transaction to reverse the incorrect one
3.

You have issued an invoice on the 4^th of November. Until when does your customer has to pay?
- 31st January
- 4th January
- 15th December
- 5th January
Correct Answer

A. 4th January
4.

If today is the 9^th of November and you issued an invoice to a customer with a value of 1000 euros on the 2^nd of November, how much does he need to pay?
- 1000 €
- 970 €
- 997 €
- 1030 €
Correct Answer

A. 970 €
5.

"DUE_DATE_AP is used to determine how bank holidays are handled in the calculation."
- True
- False
Correct Answer

A. False
6.

If you have an element (supplier group for example) attached to Counter, which is the correct sequence for suppliers?
- SW-1000; SW-1001; SW-1002; SQ-1003; SQ-1004; SQ-1005
- SW-1000; SW-1001; SW-1002; SQ-1000; SQ-1001; SQ-1002
Correct Answer

A. SW-1000; SW-1001; SW-1002; SQ-1000; SQ-1001; SQ-1002
7.

"It is possible to change or delete any registered transactions."
- True
- False
Correct Answer

A. True
8.

Which is the GL transaction path?
- Registration of GL transactions, Workflow and Posting GL transactions;
- Registration of GL transactions and Posting GL transactions
- Workflow, Registration of GL transactions and Posting GL transactions
- Workflow and Posting GL transactions
Correct Answer

A. Registration of GL transactions, Workflow and Posting GL transactions;
9.

"When posting a financial transaction, there is no need to register it before posting."
- True
- False
Correct Answer

A. True
10.

The user wants to reverse an invalid transaction, which steps should he follow?
- Reversal proposal, reversal confirmation, reversal posting and reversal enquiry
- Reversal proposal, reversal selection and reversal confirmation
- Reversal selection, reversal proposal, maintenance of reversal proposal and reversal confirmation
- Reversal list, reversal proposal, reversal maintenance
Correct Answer

A. Reversal selection, reversal proposal, maintenance of reversal proposal and reversal confirmation
11.

Select the correct statement(s):
- There is only periodic triggers
- The two types of triggers are transaction triggers and periodic triggers
- Triggers are used to perform automatic posting based on other transactions
- The two types of triggers are transaction triggers and server triggers
Correct Answer

A. The two types of triggers are transaction triggers and periodic triggers
12.

Select the correct statements regarding the General Ledger:
- The GL is a one-sided log that allows you to see the financial impact in the organization
- Any correct journal entry must always balance to 0 and have a plus (+) side and a minus (-) side
- A positive amount is called credit and a negative amount is called debit
- A positive amount is called debit and a negative amount is called credit
- The General Ledger has no sub-ledger
Correct Answer(s)

A. Any correct journal entry must always balance to 0 and have a plus (+) side and a minus (-) side
A. A positive amount is called debit and a negative amount is called credit
13.

"Accruals have a direct impact in the Accounts Payable sub-ledger and in the General Ledger."
- True
- False
Correct Answer

A. False
14.

Which are the user steps for remittance process?
- Remittance proposal, payment maintenance, files/forms processing, remittance confirmation and update GL with payment
- Remittance proposal, files/form maintenance, payment maintenance, update GL with payment and remittance confirmation
- Remittance proposal, remittance confirmation, files/forms processing, payment maintenance, update GL with payment
- Remittance proposal, payment maintenance, remittance confirmation and update GL with payment
Correct Answer

A. Remittance proposal, remittance confirmation, files/forms processing, payment maintenance, update GL with payment
15.

Where can you set up credit terms (select the correct one(s))?
- Business World Desktop -> Financials -> Accounts Payable -> Credit Terms
- Business World Desktop -> Financials -> Accounts Receivable -> Fixed registers -> Credit Terms
- Business World Desktop -> Settings -> System Administration -> System Setup -> System Parameters -> Credit Terms
- Business World Desktop -> Financials -> Accounts Payable -> Fixed registers -> Credit Terms
- Business World Desktop -> Settings -> System Administration -> System Setup -> System Parameters -> Common Parameters -> Credit Terms
Correct Answer(s)

A. Business World Desktop -> Financials -> Accounts Receivable -> Fixed registers -> Credit Terms
A. Business World Desktop -> Financials -> Accounts Payable -> Fixed registers -> Credit Terms
16.

Which are the data fields available to create number series:
- Counter, attributes per relation, separator and fixed values
- Counter, relation on the attribute, supplier number and fixed value
- Relation on the attribute, counter, fixed value and separator
- Tree, counter, fixed value and separator
Correct Answer

A. Relation on the attribute, counter, fixed value and separator
17.

"Balance Sheets and Profit and Loss are the two primary account groups, meaning they are always included in any other account group"
- True
- False
Correct Answer

A. False
18.

What is the purpose of remittance process (select the correct statement(s))?
- Select invoices to be paid
- Create payment forms or files
- Track remittances
- Record the deduction to the bank and close the payable in the AP sub-ledger
Correct Answer(s)

A. Select invoices to be paid
A. Create payment forms or files
A. Track remittances
A. Record the deduction to the bank and close the payable in the AP sub-ledger
19.

Select the incorrect statements:
- Accounts payable and Accounts receivable are not reflected in the General Ledger
- Accounts payable reflects the money owed to the organization, mainly from customers
- Accounts receivable reflects the money owed to the organization, mainly from customers
- Accounts receivable is associated to suppliers since it reflects the amount an organization owes
- Accounts receivable is increased by a debit (+) and decreased by a credit (-)
- Accounts receivable and Accounts payable are sub-ledgers
Correct Answer(s)

A. Accounts payable and Accounts receivable are not reflected in the General Ledger
A. Accounts payable reflects the money owed to the organization, mainly from customers
A. Accounts receivable is associated to suppliers since it reflects the amount an organization owes
20.

Regarding to triggers, which of the following statements are FALSE?
- Both transaction and periodic triggers use a transaction types with treatment code PR
- Transaction triggers are driven by the TPS, whereas periodic triggers are driven by a server process
- Both transactions and periodic triggers are driven by the TPS
- Both transactions and periodic triggers definitions must be client-specific
Correct Answer(s)

A. Both transaction and periodic triggers use a transaction types with treatment code PR
A. Both transactions and periodic triggers are driven by the TPS
A. Both transactions and periodic triggers definitions must be client-specific

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Current Version
Mar 15, 2022

Quiz Edited by
ProProfs Editorial Team
Nov 10, 2015

Quiz Created by
Abrbb1994

Gl & AP Quiz

Your organization has just bought new PC’s for new incoming employees. This should be registered as:

Quiz Preview

How do you correct an incorrect posted transaction?

You have issued an invoice on the 4^th of November. Until when does your customer has to pay?

If today is the 9^th of November and you issued an invoice to a customer with a value of 1000 euros on the 2^nd of November, how much does he need to pay?

"DUE_DATE_AP is used to determine how bank holidays are handled in the calculation."

If you have an element (supplier group for example) attached to Counter, which is the correct sequence for suppliers?

"It is possible to change or delete any registered transactions."

Which is the GL transaction path?

"When posting a financial transaction, there is no need to register it before posting."

The user wants to reverse an invalid transaction, which steps should he follow?

Select the correct statement(s):

Select the correct statements regarding the General Ledger:

"Accruals have a direct impact in the Accounts Payable sub-ledger and in the General Ledger."

Which are the user steps for remittance process?

Where can you set up credit terms (select the correct one(s))?

Which are the data fields available to create number series:

"Balance Sheets and Profit and Loss are the two primary account groups, meaning they are always included in any other account group"

What is the purpose of remittance process (select the correct statement(s))?

Select the incorrect statements:

Regarding to triggers, which of the following statements are FALSE?