SAP Business One Certification Test

1. You can create posting periods for future fiscal years at any time. True or False?

True

False

Posting periods for future fiscal years can be created at any time, allowing for the preparation and planning of financial transactions in advance. This flexibility enables organizations to set up their systems and processes in anticipation of future periods, ensuring a smooth transition and efficient financial management. Therefore, the statement that you can create posting periods for future fiscal years at any time is true.

Explanation

Posting periods for future fiscal years can be created at any time, allowing for the preparation and planning of financial transactions in advance. This flexibility enables organizations to set up their systems and processes in anticipation of future periods, ensuring a smooth transition and efficient financial management. Therefore, the statement that you can create posting periods for future fiscal years at any time is true.

2. You can define more than one series for a document type.

True

False

It is possible to define multiple series for a document type. This allows for more flexibility and customization in organizing and categorizing documents. By having multiple series, different sets of documents can be grouped and managed separately based on their specific characteristics or attributes. This can help in improving organization, retrieval, and overall document management efficiency.

Explanation

It is possible to define multiple series for a document type. This allows for more flexibility and customization in organizing and categorizing documents. By having multiple series, different sets of documents can be grouped and managed separately based on their specific characteristics or attributes. This can help in improving organization, retrieval, and overall document management efficiency.

3. The credit and debit line item on the bank account is always managed as an open item.

True

False

The credit and debit line item on a bank account is always managed as an open item. This means that each transaction is treated individually and remains open until it is fully resolved or balanced. This allows for proper tracking and reconciliation of all financial activities associated with the account. By managing these line items as open items, it ensures accuracy and accountability in the bank account's records.

Explanation

The credit and debit line item on a bank account is always managed as an open item. This means that each transaction is treated individually and remains open until it is fully resolved or balanced. This allows for proper tracking and reconciliation of all financial activities associated with the account. By managing these line items as open items, it ensures accuracy and accountability in the bank account's records.

4. Posting that you have not yet made when the cash flow report is compiled cannot be included manually and assigned a security level further you cannot decide and include recurring posting or journal vouchers into consideration.

True

False

Can be included manually and assigned a security level further you can decide and include.....

Explanation

Can be included manually and assigned a security level further you can decide and include.....

5. What are True to payment wizard:

The system creates a recommendation report or a list of suggested payments.

You can accept but cannot reject the recommendation.

You can save the recommendation and proceed at a later date or you can execute the payments.

The button Non-Included transaction creates a list of all open items that could not be included in the payment.

B. You can accept or reject the recommendation.

Explanation

B. You can accept or reject the recommendation.

Submit

6. In doubtful debts, the system opens a journal entry and creates a first line item. The line item posts the amount of doubtful debt on the credit side of the customer account and debit side of the control account for doubtful debts.

True

False

Credits the customer account also credit the control account for doubtful debts and debit to an expense account.

Explanation

Credits the customer account also credit the control account for doubtful debts and debit to an expense account.

7. The Payment Wizard Runs cover:

AP and AR document

Transaction that are fully paid

Transaction that are not credited or reconciled.

Un-reconcilled/allocated payments on account

The Payment Wizard Runs cover AP and AR documents, which refers to the processing of payments for both accounts payable and accounts receivable. It also includes transactions that are not credited or reconciled, meaning that any outstanding or unresolved transactions can be managed through the Payment Wizard Runs. Additionally, it covers un-reconciled or unallocated payments on account, allowing for the proper allocation and reconciliation of these payments.

Explanation

The Payment Wizard Runs cover AP and AR documents, which refers to the processing of payments for both accounts payable and accounts receivable. It also includes transactions that are not credited or reconciled, meaning that any outstanding or unresolved transactions can be managed through the Payment Wizard Runs. Additionally, it covers un-reconciled or unallocated payments on account, allowing for the proper allocation and reconciliation of these payments.

Submit

8. What are True to credit memo with reference to an invoice with installment.

The system must assign the credit memo amount to the installment.

You can view but can't modify the installment number and division in the invoice.

You can distribute the credit amount equal to the installment.

You can distribute the credit amount to first but not to the last installment.

B. You can view as well as modify.

D. You can distribute the credit amount to the first or last installment.

Explanation

B. You can view as well as modify.

D. You can distribute the credit amount to the first or last installment.

Submit

9. The security level that exists in the cash flow statement is for:

Cash

Credit and vouchers

Cheque received

Customer Liabilities

Payable to Vendors

The security level that exists in the cash flow statement is for all the mentioned items: cash, credit and vouchers, cheque received, customer liabilities, and payable to vendors. This means that the cash flow statement includes information about the inflows and outflows of cash related to these items, ensuring that the statement provides a comprehensive overview of the organization's financial security and liquidity.

Explanation

The security level that exists in the cash flow statement is for all the mentioned items: cash, credit and vouchers, cheque received, customer liabilities, and payable to vendors. This means that the cash flow statement includes information about the inflows and outflows of cash related to these items, ensuring that the statement provides a comprehensive overview of the organization's financial security and liquidity.

Submit

10. What are True to editing the financial report template.

Every financial report template has exactly five levels

Level one to four consists of titles

The G/L account are located on the fifth level

The total of G/L account cannot be displayed on a higher level, You cannot make the higher titles invisible.

In the financial report template the profit and loss statements, the system cannot insert a subtotal on every level

D. You can make the higher level invisible.
E. The system can insert a subtotal on every level.

Explanation

D. You can make the higher level invisible.
E. The system can insert a subtotal on every level.

Submit

11. What are True to installment in payment terms?

The system automatically creates a single line item in the journal entry for every installment.

The payment wizard handles them as separate invoices and you can reconcile them separately.

These line item all appear in the payment screen you can pay them one after the other.

The system adds the whole tax amount to the first installment or distribute the tax amount among all installment.

Explanation

The system adds the whole tax amount to the first installment or distribute the tax amount among all installment.

Submit

12. What are the ways by which reversal of adjustment posting be made as period-end-preparation?

You create the period-end reports based on the adjusted general ledger.

You reverse the adjustment posting with the reverse transactions.

You can mark journal entries made for your closing operation.

A. Enter the first date of the new period

Explanation

A. Enter the first date of the new period

Submit