Gl & AP Quiz
.
- 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? - ProProfs]( "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?")
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? - ProProfs]( "You have issued an invoice on the 4th of November. Until when does your customer has to pay?")
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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