GL & AP Quiz

1. 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

2. 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

3. 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

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 €

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

True

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

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

True

False

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

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

True

False

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

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

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

True

False

13. 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

14. 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

Submit

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

Submit

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

17. 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

Submit

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

True

False

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

Submit

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

Submit

Gl & AP Quiz