Gl & AP Quiz

20 Questions | Total Attempts: 42

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Gl & AP Quiz

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Questions and Answers
  • 1. 
    Select the correct statements regarding the General Ledger: 
    • A. 

      The GL is a one-sided log that allows you to see the financial impact in the organization

    • B. 

      Any correct journal entry must always balance to 0 and have a plus (+) side and a minus (-) side

    • C. 

      A positive amount is called credit and a negative amount is called debit

    • D. 

      A positive amount is called debit and a negative amount is called credit

    • E. 

      The General Ledger has no sub-ledger

  • 2. 
    Select the incorrect statements:
    • A. 

      Accounts payable and Accounts receivable are not reflected in the General Ledger

    • B. 

      Accounts payable reflects the money owed to the organization, mainly from customers

    • C. 

      Accounts receivable reflects the money owed to the organization, mainly from customers

    • D. 

      Accounts receivable is associated to suppliers since it reflects the amount an organization owes

    • E. 

      Accounts receivable is increased by a debit (+) and decreased by a credit (-)

    • F. 

      Accounts receivable and Accounts payable are sub-ledgers

  • 3. 
    "Balance Sheets and Profit and Loss are the two primary account groups, meaning they are always included in any other account group"
    • A. 

      True

    • B. 

      False

  • 4. 
    Your organization has just bought new PC’s for new incoming employees. This should be registered as: 
    • A. 

      An asset

    • B. 

      A liability

    • C. 

      Equity

    • D. 

      Nothing because your company is money laundering

  • 5. 
    "When posting a financial transaction, there is no need to register it before posting."
    • A. 

      True

    • B. 

      False

  • 6. 
    "It is possible to change or delete any registered transactions."
    • A. 

      True

    • B. 

      False

  • 7. 
    How do you correct an incorrect posted transaction?
    • A. 

      You can change the amount after it has been posted

    • B. 

      Delete it and start over again

    • C. 

      Create a new transaction to reverse the incorrect one

    • D. 

      None of the above

  • 8. 
    Which is the GL transaction path?
    • A. 

      Registration of GL transactions, Workflow and Posting GL transactions;

    • B. 

      Registration of GL transactions and Posting GL transactions

    • C. 

      Workflow, Registration of GL transactions and Posting GL transactions

    • D. 

      Workflow and Posting GL transactions

  • 9. 
    Select the correct statement(s):
    • A. 

      There is only periodic triggers

    • B. 

      The two types of triggers are transaction triggers and periodic triggers

    • C. 

      Triggers are used to perform automatic posting based on other transactions

    • D. 

      The two types of triggers are transaction triggers and server triggers

  • 10. 
    Regarding to triggers, which of the following statements are FALSE?
    • A. 

      Both transaction and periodic triggers use a transaction types with treatment code PR

    • B. 

      Transaction triggers are driven by the TPS, whereas periodic triggers are driven by a server process

    • C. 

      Both transactions and periodic triggers are driven by the TPS

    • D. 

      Both transactions and periodic triggers definitions must be client-specific

  • 11. 
    Which are the data fields available to create number series: 
    • A. 

      Counter, attributes per relation, separator and fixed values

    • B. 

      Counter, relation on the attribute, supplier number and fixed value

    • C. 

      Relation on the attribute, counter, fixed value and separator

    • D. 

      Tree, counter, fixed value and separator

  • 12. 
    If you have an element (supplier group for example) attached to Counter, which is the correct sequence for suppliers?
    • A. 

      SW-1000; SW-1001; SW-1002; SQ-1003; SQ-1004; SQ-1005

    • B. 

      SW-1000; SW-1001; SW-1002; SQ-1000; SQ-1001; SQ-1002

  • 13. 
    Where can you set up credit terms (select the correct one(s))?
    • A. 

      Business World Desktop -> Financials -> Accounts Payable -> Credit Terms

    • B. 

      Business World Desktop -> Financials -> Accounts Receivable -> Fixed registers -> Credit Terms

    • C. 

      Business World Desktop -> Settings -> System Administration -> System Setup -> System Parameters -> Credit Terms

    • D. 

      Business World Desktop -> Financials -> Accounts Payable -> Fixed registers -> Credit Terms

    • E. 

      Business World Desktop -> Settings -> System Administration -> System Setup -> System Parameters -> Common Parameters -> Credit Terms

  • 14. 
    If today is the 9th of November and you issued an invoice to a customer with a value of 1000 euros on the 2nd of November, how much does he need to pay?
    • A. 

      1000 €

    • B. 

      970 €

    • C. 

      997 €

    • D. 

      1030 €

  • 15. 
    You have issued an invoice on the 4th of November. Until when does your customer has to pay? 
    • A. 

      31st January

    • B. 

      4th January

    • C. 

      15th December

    • D. 

      5th January

  • 16. 
    The user wants to reverse an invalid transaction, which steps should he follow?
    • A. 

      Reversal proposal, reversal confirmation, reversal posting and reversal enquiry

    • B. 

      Reversal proposal, reversal selection and reversal confirmation

    • C. 

      Reversal selection, reversal proposal, maintenance of reversal proposal and reversal confirmation

    • D. 

      Reversal list, reversal proposal, reversal maintenance

  • 17. 
    What is the purpose of remittance process (select the correct statement(s))?
    • A. 

      Select invoices to be paid

    • B. 

      Create payment forms or files

    • C. 

      Track remittances

    • D. 

      Record the deduction to the bank and close the payable in the AP sub-ledger

  • 18. 
    "DUE_DATE_AP is used to determine how bank holidays are handled in the calculation."
    • A. 

      True

    • B. 

      False

  • 19. 
    "Accruals have a direct impact in the Accounts Payable sub-ledger and in the General Ledger."
    • A. 

      True

    • B. 

      False

  • 20. 
    Which are the user steps for remittance process?
    • A. 

      Remittance proposal, payment maintenance, files/forms processing, remittance confirmation and update GL with payment

    • B. 

      Remittance proposal, files/form maintenance, payment maintenance, update GL with payment and remittance confirmation

    • C. 

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

    • D. 

      Remittance proposal, payment maintenance, remittance confirmation and update GL with payment

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