Month End Closing Process! Finance Quiz

10 Questions | Attempts: 297

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Month End Closing Process! Finance Quiz - Quiz

Month end closing process finance quiz. Every month end transactions that have been made are combines so as to come with monthly financial statements. Preparation of monthly statements not only makes it easy to prepare end year statements but also helps to track movement of the firm financial position. Do take up this quiz and see how well you understand what you should do on month end. Allt he best!


Questions and Answers
  • 1. 
    There is no sequence of importance in the close transaction steps ... all that matters is that they all get performed.
    • A. 

      True

    • B. 

      False

  • 2. 
    The FIRST closing step that needs to be performed is?
    • A. 

      FK10N

    • B. 

      KKAK

    • C. 

      MMPV

    • D. 

      VKM1

  • 3. 
    Asset depreciation should be run before the GR/IR clearing.
    • A. 

      True

    • B. 

      False

  • 4. 
    The month-end close process that involves production orders entails the following:
    • A. 

      Run asset depreciation, then billing due list, and then calculate overhead.

    • B. 

      Review blocked billing docs, then process vendor payments, and then execute order settlement.

    • C. 

      Calculate overhead, calculate WIP, calculate variances, and then execute order settlement.

    • D. 

      Review PO listing for goods received, not invoiced, calculate variances, and then post parked docs.

  • 5. 
    FI Period Close t-code and related settings.
    • A. 

      Can only be executed one time, the first day of the new period.

    • B. 

      Can be set by module individually, all FI modules collectively and can be opened or closed as often as deemed necessary.

    • C. 

      Can only be controlled by sub-module, not collectively.

    • D. 

      Is part of MMPV.

  • 6. 
    What t-code displays PO goods delivered, not invoiced?
    • A. 

      F.19

    • B. 

      F-32

    • C. 

      VF04

    • D. 

      ME2L

  • 7. 
    A balance sheet and income statement can be run at any time.
    • A. 

      True

    • B. 

      False

  • 8. 
    Which step in invoice creation enters the invoice into the SAP system after it has been parked?
    • A. 

      Completing an invoice

    • B. 

      Simulating an invoice

    • C. 

      Posting an invoice

    • D. 

      Answers A and C

  • 9. 
    With regard to foreign currency translation rates
    • A. 

      The rate with a validity date closest to the posting date without being in the future is the rate used.

    • B. 

      Rate have to be entered before the "old" period is closed.

    • C. 

      Rates are only entered once a month on the 15th.

    • D. 

      Only one rate type can exist for each currency combination.

  • 10. 
    All journal entries in GL must be posted before running a P&L report in SAP.
    • A. 

      True

    • B. 

      False

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