Questions On Srap: Trivia Quiz!

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| By Ardhernandez
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Ardhernandez
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Quizzes Created: 2 | Total Attempts: 83
| Attempts: 32
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  • 1/15 Questions

    What does PSNME stand for?

    • Product Supply Non-Manufacturing Expense
    • Product Supply Non-Managing Expense
    • Purchase Suppy Non-Manufacturing Expense
    • Purchase Suppy Non-Managing Expense
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About This Quiz

Explore the intricacies of SRAP through 'Questions on SRAP: Trivia Quiz!' This quiz assesses knowledge on SRAP's financial protocols, expense categorization, and journal entry rules, sharpening skills critical for financial and accounting professionals.

Questions On Srap: Trivia Quiz! - Quiz

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  • 2. 

    What is the Primary Cost Element Group for SRAP?

    • EMTOTAL

    • ESSPENDING

    • EMSPENDING

    • ESSPENDS

    Correct Answer
    A. ESSPENDING
    Explanation
    The Primary Cost Element Group for SRAP is ESSPENDING. This means that the main cost elements associated with SRAP are related to expenses and pending payments.

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  • 3. 

    When posting journal entries, corrections are allowed when charges are significant. Which of the following charges is not considered significant?

    • < $2000 USD

    • > $2000 USD

    • > 5% of annual budget

    • > $5000 USD

    Correct Answer
    A. < $2000 USD
    Explanation
    When posting journal entries, corrections are allowed when charges are significant. The given answer, "< $2000 USD," is not considered significant. This means that any charges below $2000 USD can be corrected without any issues.

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  • 4. 

    The Regional Entrepreneurs pay which legal entity for use of intellectual property?

    • LE 101

    • LE 111

    • LE 001

    • LE 100

    Correct Answer
    A. LE 001
    Explanation
    The correct answer is LE 001. This legal entity is responsible for collecting fees from regional entrepreneurs for the use of intellectual property.

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  • 5. 

    What is the threshold for crosscharges?

    • 1M USD

    • 10M USD

    • 100M USD

    • 100M PHP

    Correct Answer
    A. 10M USD
    Explanation
    The threshold for crosscharges is 10M USD. This means that any crosscharges below this amount will not be considered, while those exceeding or equal to 10M USD will be taken into account.

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  • 6. 

    Which of the following is not a type of Global Cost Sharing?

    • Global CF Cost Sharing

    • Global GBU Cost Sharing

    • Global MDO Cost Sharing

    • Global GBS Cost Sharing

    Correct Answer
    A. Global CF Cost Sharing
  • 7. 

    Which of the following pertains to the annual high-level (profit center) forecast?

    • Firm Forecast

    • Firm Budget

    • Current Budget

    • Planning

    Correct Answer
    A. Firm Forecast
    Explanation
    The correct answer is "Firm Forecast" because the term "annual high-level (profit center) forecast" suggests a prediction or projection of the firm's financial performance for the upcoming year. This forecast is likely to include revenue, expenses, and profit expectations at a high level, focusing on the overall profitability of the firm. It helps in setting goals, making strategic decisions, and evaluating performance against the forecasted figures. The other options, such as "Firm Budget," "Current Budget," and "Planning," may be related to financial planning and budgeting processes but do not specifically pertain to the annual high-level forecast.

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  • 8. 

    Which of the following pertains to a collection of planning layouts?

    • Planning Hierarchies

    • Planner Profiles

    • Planning Currency

    • Planning Versions

    Correct Answer
    A. Planner Profiles
    Explanation
    Planner Profiles pertain to a collection of planning layouts. A planner profile is a configuration setting that determines how planning layouts are organized and displayed in the planning area. It allows users to define different layouts for different planning scenarios, such as sales planning, production planning, or financial planning. By using planner profiles, users can easily switch between different planning layouts and access the relevant information for their specific planning needs.

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  • 9. 

    What is the top node for SRAP in the Standard Hierarchy?

    • CS00000000001

    • CC00000000001

    • CSTOP

    • CTOP

    Correct Answer
    A. CSTOP
    Explanation
    The top node for SRAP in the Standard Hierarchy is CSTOP.

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  • 10. 

    All initial cost center planning occurs in what planning version?

    • Version 0

    • Version 1

    • Version 4

    • Version 999

    Correct Answer
    A. Version 999
    Explanation
    The initial cost center planning occurs in Version 999. This suggests that the planning for cost centers is done in a separate version, which is designated as Version 999. The other versions mentioned, such as Version 0, Version 1, and Version 4, do not specifically indicate that they are used for initial cost center planning.

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  • 11. 

    Which of the following is not a task of the GCF Budget Coordinator?

    • Lock/Unlock

    • Verify

    • Delete

    • Copy

    Correct Answer
    A. Delete
    Explanation
    The GCF Budget Coordinator is responsible for various tasks related to managing the budget, such as locking/unlocking the budget, verifying its accuracy, and copying it for reference or analysis. However, deleting the budget is not a task that falls under the purview of the Budget Coordinator. Deleting the budget could have significant consequences and should be handled by someone with appropriate authorization and responsibility.

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  • 12. 

    Which of the following statements is incorrect?

    • Processing of journals is done monthly.

    • Data is available real-time in SAP.

    • Affiliate journals must be completed by noon on the first workday.

    • All SRAP expense accounts will be closed at noon on the first workday.

    Correct Answer
    A. All SRAP expense accounts will be closed at noon on the first workday.
    Explanation
    The incorrect statement is "All SRAP expense accounts will be closed at noon on the first workday." This statement contradicts the previous statement that "Affiliate journals must be completed by noon on the first workday." If the SRAP expense accounts were closed at noon on the first workday, it would not be possible to complete the affiliate journals by that time. Therefore, this statement is incorrect.

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  • 13. 

    Which of the following roles is not involved in Global Cost Sharing?

    • Billing Mechanism Owner

    • Global Tax

    • Regional Tax

    • Legal Entity Owner

    Correct Answer
    A. Legal Entity Owner
    Explanation
    The Legal Entity Owner is not involved in Global Cost Sharing. Global Cost Sharing typically involves the allocation of costs and expenses among different entities or departments within a multinational organization. The Billing Mechanism Owner is responsible for managing the billing process, Global Tax oversees the tax implications and compliance on a global scale, and Regional Tax handles tax matters specific to a particular region. However, the Legal Entity Owner is not directly involved in the cost-sharing process.

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  • 14. 

    Which of the following statements is true about regional SRAP billing?

    • SAFE company policy for calculation, booking, and paying of fees is followed.

    • In most cases, neither local law or contracts can override company policy.

    • Both A and B.

    • Neither A nor B.

    Correct Answer
    A. Both A and B.
    Explanation
    Both statements A and B are true about regional SRAP billing. The first statement mentions that SAFE company policy for calculation, booking, and paying of fees is followed. This means that the company has established specific guidelines and procedures that are adhered to when it comes to billing in regional SRAP. The second statement states that in most cases, neither local law nor contracts can override company policy. This implies that the company's policy takes precedence over any local laws or contractual agreements that may exist. Therefore, both statements A and B are true.

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  • 15. 

    Which of the following statements is true?

    • SRAP planning in SAP ends at the profit center level.

    • The allocation model used for plan allocation to profit center is currently worksheet-based.

    • All of the above.

    • None of the above.

    Correct Answer
    A. The allocation model used for plan allocation to profit center is currently worksheet-based.
    Explanation
    The correct answer is "The allocation model used for plan allocation to profit center is currently worksheet-based." This means that the planning process in SAP ends at the profit center level and the allocation model used for allocating plans to profit centers is currently based on worksheets.

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Quiz Review Timeline (Updated): Mar 14, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 14, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Aug 22, 2012
    Quiz Created by
    Ardhernandez
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