Question 1

Which of the following is used to report data needed to meet legal and regulatory requirements?

Accepted Answer

A) Assets 
B) Equity 
C) Tangible document 
D) Financial statement 
E) None of the above 
A) Assets 
B) Equity 
C) Tangible document 
D) Financial statement 
E) None of the above

Question 2

Which of the following best describes the operative chart of accounts?

Accepted Answer

A) Contains the operational accounts that are used to record the financial impact of an organization's day-to-day transactions 
B) Used to enable companies to meet special country-specific reporting requirements 
C) Contains accounts that are used by multiple companies to consolidate their financial reporting 
D) Contains only accounts payable transactions 
E) Contains only accounts receivable transaction 
A) Contains the operational accounts that are used to record the financial impact of an organization's day-to-day transactions 
B) Used to enable companies to meet special country-specific reporting requirements 
C) Contains accounts that are used by multiple companies to consolidate their financial reporting 
D) Contains only accounts payable transactions 
E) Contains only accounts receivable transaction

Question 3

Assets are monies the company earns by selling its products and services.

Accepted Answer

A) True 
 B)False

Question 4

Which process is concerned with recording data associated with bank statements?

Accepted Answer

A) Bank ledger accounting 
B) Fixed asset accounting 
C) General ledger accounting 
D) Accounts receivable accounting 
E) None of the above 
A) Bank ledger accounting 
B) Fixed asset accounting 
C) General ledger accounting 
D) Accounts receivable accounting 
E) None of the above

Question 5

Financial statements can be generated from which of the following?

Accepted Answer

A) Operative COA 
B) Country-specific COA 
C) Both operative and country-specific COAs 
D) Neither operative nor country-specific COAs 
A) Operative COA 
B) Country-specific COA 
C) Both operative and country-specific COAs 
D) Neither operative nor country-specific COAs

Question 6

When does a debit take place?

Accepted Answer

A) When assets and expenses decrease 
B) When assets and expenses increase 
C) When revenue and liabilities decrease 
D) When revenue and liabilities increase 
A) When assets and expenses decrease 
B) When assets and expenses increase 
C) When revenue and liabilities decrease 
D) When revenue and liabilities increase

Question 7

Which of the following statements regarding reconciliation accounts are not true?

Accepted Answer

A) Data are posted directly into them 
B) Data are automatically posted into them after they are posted to the corresponding sub-ledger 
C) The reconciliation account includes the sum of the postings of the sub-ledgers. 
D) None of the above 
A) Data are posted directly into them 
B) Data are automatically posted into them after they are posted to the corresponding sub-ledger 
C) The reconciliation account includes the sum of the postings of the sub-ledgers. 
D) None of the above

Question 8

The balance sheet is a snapshot of the organization at a point in time.

Accepted Answer

A) True 
 B)False

Question 9

Management accounting,or controlling CO),is intended primarily for audiences outside the organization.

Accepted Answer

A) True 
 B)False

Question 10

Which term represents the monies a company earns by selling its products and services?

Accepted Answer

A) Liabilities 
B) Assets 
C) Expenses 
D) Revenue 
E) Equity 
A) Liabilities 
B) Assets 
C) Expenses 
D) Revenue 
E) Equity

Question 11

What are the most common transaction types that occur during the life of an asset?

Accepted Answer

A) Production 
B) Allocation 
C) Acquisition 
D) Depreciation 
E) Retirement 
A) Production 
B) Allocation 
C) Acquisition 
D) Depreciation 
E) Retirement

Question 12

Accounts payable accounting is not associated with the procurement process.

Accepted Answer

A) True 
 B)False

Question 13

In accounts receivable,which general ledger accounts are affected?

Accepted Answer

A) Accounts receivable reconciliation 
B) Sales revenue 
C) Bank 
D) Supplies expense 
A) Accounts receivable reconciliation 
B) Sales revenue 
C) Bank 
D) Supplies expense

Question 14

Which of the following are common depreciation areas used in the US?

Accepted Answer

A) Book depreciation 
B) Cost accounting depreciation 
C) Legal depreciation 
D) Special depreciation 
E) Physical depreciation 
A) Book depreciation 
B) Cost accounting depreciation 
C) Legal depreciation 
D) Special depreciation 
E) Physical depreciation

Question 15

Which of the following is used to implement multiple ledgers and use each ledger for different purposes?

Accepted Answer

A) Financial accounting document 
B) Subsidiary ledger 
C) Sub-ledger 
D) Parallel Accounting 
E) None of the above 
A) Financial accounting document 
B) Subsidiary ledger 
C) Sub-ledger 
D) Parallel Accounting 
E) None of the above

Question 16

Reporting in financial accounting is broadly divided into which of the following two categories?

Accepted Answer

A) Posting goods issue 
B) Displaying account information 
C) Generating financial statements 
D) Recording transactions 
E) Automatic posting of accounts 
A) Posting goods issue 
B) Displaying account information 
C) Generating financial statements 
D) Recording transactions 
E) Automatic posting of accounts

Question 17

Which element is not a part of the typical company code data in general ledger accounts?

Accepted Answer

A) Tax-related data 
B) Field status groups 
C) Line item display 
D) Reconciliation account data 
E) None of the above 
A) Tax-related data 
B) Field status groups 
C) Line item display 
D) Reconciliation account data 
E) None of the above

Question 18

What is true about a business area?

Accepted Answer

A) It is a internal division of an enterprise 
B) It helps management monitor performance 
C) It is used for external reporting 
D) It is associated with one company code 
A) It is a internal division of an enterprise 
B) It helps management monitor performance 
C) It is used for external reporting 
D) It is associated with one company code

Question 19

Which attributes are present in the FI document items?

Accepted Answer

A) Amount 
B) Document type 
C) Posting date 
D) Currency 
E) Posting key 
A) Amount 
B) Document type 
C) Posting date 
D) Currency 
E) Posting key

Question 20

A reconciliation account records the impact of a transaction step on financial accounting.

Accepted Answer

A) True 
 B)False

Which of the following is used to report data needed to meet legal and regulatory requirements?

Which of the following best describes the operative chart of accounts?

Assets are monies the company earns by selling its products and services.

Which process is concerned with recording data associated with bank statements?

Financial statements can be generated from which of the following?

When does a debit take place?

Which of the following statements regarding reconciliation accounts are not true?

The balance sheet is a snapshot of the organization at a point in time.

Management accounting,or controlling CO),is intended primarily for audiences outside the organization.

Which term represents the monies a company earns by selling its products and services?

What are the most common transaction types that occur during the life of an asset?

Accounts payable accounting is not associated with the procurement process.

In accounts receivable,which general ledger accounts are affected?

Which of the following are common depreciation areas used in the US?

Which of the following is used to implement multiple ledgers and use each ledger for different purposes?

Reporting in financial accounting is broadly divided into which of the following two categories?

Which element is not a part of the typical company code data in general ledger accounts?

What is true about a business area?

Which attributes are present in the FI document items?

A reconciliation account records the impact of a transaction step on financial accounting.

A: Introduction to Business Processes

B: Introduction to Business Processes

C: Introduction to Business Processes

A: Introduction to Sap ERP

B: Introduction to Sap ERP

C: Introduction to Sap ERP

A: The Procurement Process

B: The Procurement Process

C: The Procurement Process

The Fulfillment Process

The Production Process

Inventory and Warehouse Management Processes

Material Planning Process

Integrated Process

Filters

Exam 3: Introduction to Accounting

Which of the following is used to report data needed to meet legal and regulatory requirements?

Which of the following best describes the operative chart of accounts?

Assets are monies the company earns by selling its products and services.

Which process is concerned with recording data associated with bank statements?

Financial statements can be generated from which of the following?

When does a debit take place?

Which of the following statements regarding reconciliation accounts are not true?

The balance sheet is a snapshot of the organization at a point in time.

Management accounting,or controlling CO),is intended primarily for audiences outside the organization.

Which term represents the monies a company earns by selling its products and services?

What are the most common transaction types that occur during the life of an asset?

Accounts payable accounting is not associated with the procurement process.

In accounts receivable,which general ledger accounts are affected?

Which of the following are common depreciation areas used in the US?

Which of the following is used to implement multiple ledgers and use each ledger for different purposes?

Reporting in financial accounting is broadly divided into which of the following two categories?

Which element is not a part of the typical company code data in general ledger accounts?

What is true about a business area?

Which attributes are present in the FI document items?

A reconciliation account records the impact of a transaction step on financial accounting.

A: Introduction to Business Processes

B: Introduction to Business Processes

C: Introduction to Business Processes

A: Introduction to Sap ERP

B: Introduction to Sap ERP

C: Introduction to Sap ERP

A: The Procurement Process

B: The Procurement Process

C: The Procurement Process

The Fulfillment Process

The Production Process

Inventory and Warehouse Management Processes

Material Planning Process

Integrated Process

Filters