123261426 TFIN52 Overall Review

7/30/2019 123261426 TFIN52 Overall Review

1/16

FI/CO AcademyReview

Page 1 of 16

1. Which of the following is true for Organizational structuresMore than one answer is correct; mark true or false

a A client may contain more than one company code. T

b A company code can be attached to a company. T

c Company code characteristics include country, currency, and address. T

d Business areas can be assigned to more than one company code. F

e Creating a country version creates a country specific template company code. T

2. Which of the following functions represent the fiscal year.More than one answer is correct; mark true or false.

a Year independent requires knowledge of the exact opening and closing dates. F

b Each fiscal year variant is managed at the client level. Tc Special periods have calendar relevance. F

d The posting date for entry in special periods must be in the final normal

period.

T

e Year shift is only relevant for year dependent fiscal years. F

3. Select the true statement for general ledger account groups

More than one answer is correct; mark true or false.

a Assign number ranges T

b Assign accounts to the controlling area F

c Assign accounts to the company code F

d Assign accounts to business areas F

e Assigns the status of the fields in the company code segment of the masterrecord

T

4. Select the correct answers.Only one answer is correct, pick the correct answer.

a A business area is assigned to a company code

b A company code may be assigned to multiple credit control areas

c A company code may have more than one chart of accounts X

d A plant can be assigned to more than one company code


2/16

FI/CO AcademyReview

Page 2 of 16

5. Which of the following is correct?Only one answer is correct, pick the correct answer.

a Currency is assign at the general chart of accounts level.

b The tax procedure for an operating company is assigned at the company code

chart levelc Account groups are chart of account dependent. X

d Postings can be made directly to a sub-ledger reconciliation account.

e General data for a GL account must be entered every time an account in theChart of Accounts is mapped to a company code.

6. Which of the flowing is true about Chart of AccountsMore than one answer is correct; mark true or false.

a A country chart of accounts can be assigned to the company code T

b A group chart of accounts can be used for consolidation reporting. T

c The country chart of accounts is assigned to the controlling area F

d A chart of accounts is made up of chart level and company code level data. T

e A group chart of accounts is assigned in the controlling area. F

7. Which of the following statements are correct about customer data


a General data is valid for all company code and sales areas. T

b The company code data must be created if you want to record accountsreceivable.

T

c The sales area data is used by the sales & distribution system. T

d Customer master data is created using an account group T

e The account group controls the field status for customer data. T


3/16

FI/CO AcademyReview

Page 3 of 16

8. Which of the following is correct about documents?More than one answer is correct; mark true or false.

a A document type controls the document header data T

b The account group dictates number ranges and the screen layout for document

entry

F

c The document type controls the number assignment for a document. T

d The document type controls the account types allowed for posting. T

e The document type controls the posting rules for documents F

9. Which of the following is correct about posting periods?Only one answer is correct; pick the correct answer.

a Posting periods must remain open for the fiscal year

b Only one special posting period is allowed for each fiscal year.

c Posting periods are defined in the fiscal year variant. X

d During the time of year-end closing procedure only one posting period can be

open.

e Posting keys are assigned to the posting period variant.

10. Which of the following is correct regarding currencies.


a The relationship between currencies is maintained by exchange rate type. T

b Currency relationships are date independent. F

c Using direct quotation, a unit of local currency is quoted for the foreigncurrency

F

d Worklists can streamline and secure currency maintenance. T

e A currency key must be assigned to every currency used. T


4/16

FI/CO AcademyReview

Page 4 of 16

11. Which of the following is correct?


a A primary cost element is related to a general ledger expense account. T

b Secondary cost elements are used only in controlling T

c Operational accounts are mapped to group accounts at the company codelevel.

F

d All P/L accounts must have an associated cost element. F

e Blocking can happen at the chart level or the account level. T



a The general ledger account has 3 segments. F

b Country accounts are mapped at the client level. F

c The company code level of a g/l account has 6 field groupings. T

d Accounts must be available at the client level before they can be created at thecompany code level.

T

e Account groups manage field status and document number ranges. F



a Accounts managed in a foreign currency can only be posted to in that

currency.

T

b Open item management should be set for P&L accounts. F

c Line item display should be set for reconciliation accounts. F

d The 3 charts of accounts are operating, group, and alternative. T

e The group chart of accounts is used for consolidation purposes. T


5/16

FI/CO AcademyReview

Page 5 of 16



a A document is made up of two parts header and line item. T

b Posting key and account group determine the field status of a document. F

c Document types control account types charged, number ranges of adocument, and certain selected control parameters of a document.

T

d Posting key determines field status, account types charged and debit/credit

status of a line item.

T

e Field status groups are attached to company codes. F

15. When creating documents in FI, which of the following is true?


a A number range is assigned to each posting key that generates FI documents F

b Number ranges are assigned at the client level for FI documents F

c Document numbers in FI are year dependent. T

d You can lock an account so a document cannot be posted to it. T

e Document numbers cannot be externally assigned. F



a In validation, if pre-set conditions are not met, the system displays a user-

defined message as a warning, error or information message.

T

b Only one set of validation rules can be assigned to a cost center F

c You can substitute a cost center based on pre-defined conditions in the

substitution rule.

T

d In substitution if pre-set conditions are met a user-defined message can be

displayed.

F

e Validation and substitute rules are only performed when manually initiated in

the transaction

F


6/16

FI/CO AcademyReview

Page 6 of 16



a Posting period control can be managed at the header or line item of

documents.

T

b Range interval 2 is only used for control of special periods. F

c Authorizations only apply to the period settings of range 1. T

d Posting periods are determined by settings in the fiscal year definit ion. T

e The plus sign at the header is a minimum requirement in the posting period

table.

T



a Changes can be made at the header or line item of a document. T

b Amounts of posted transactions can be changed, given the properconfiguration settings.

F

c Control of document changes are managed down to the account type, specialg/l indicator, and company code, if desired.

T

d Negative postings must be set at the company code and reversal reason, at aminimum.

T

e If negative postings configuration is not set, a standard reversal posting willapply.

T

19. With regard to tolerances, which of the following is correct?


a Tolerances are managed at the client level. F

b Tolerance group blank applies to everyone and should have lower limits. T

c Once a user has been assigned to a tolerance group, they must be maintainedin every company code that user is responsible for.

T

d Tolerances have settings for limits at the document level and also permittedpayment differences.

T

e Of tolerances for the user and tolerances in the customer/vendor master, themost restrictive wins.

T


7/16

FI/CO AcademyReview

Page 7 of 16

20. Special G/L transactions represent unique business events.


a The 3 transactions are noted item, automatic offsetting entry, and free

offsetting posting.

T

b Free offsetting entry is considered to be a statistical posting. F

c Posting key settings must be managed to allow special G/L postings. T

d Postings are mapped to an open item managed account. T

e Noted items are one sided entries. T

21. The Accrual Engine is a new functionality that..


a Can have function modules created that will allow for non-linear accruals. T

b Has document types and accounts that are defined in configuration. T

c Must have application components activated to run. T

d Are used for the accrual of costs and revenues. T

e Overrides standard recurring entries. F

22. Which of the following is correct regarding the cash journal?


a Cash journal can be used in lieu of standard A/P and A/R transact ions. T

b Can have ad-hoc business transactions created at time of document entry. F

c Have document numbers independent of standard FI documents. T

d Cannot be used for one time account postings. F

e Has postings restricted by the standard FI posting period table. T


8/16

FI/CO AcademyReview

Page 8 of 16

23. Which of the following is correct regarding payment terms?

Only one answer is correct, pick the correct answer.

a Payment terms are set up independently for A/R and A/P applications.

b Payment terms have the four date options of document, system, posting andclearing dates.

c Have four levels, in terms of discount days and percentages. .

d Can only be used with specific payment methods.

e Can be set for partial payments to break up the collection or payment. X



a Tax calculation procedures are attached to company codes. F

b The tax calculation procedure contains the order of the steps, conditions oftax, and the account keys for posting.

T

c Tax codes are date independent. T

d Account keys define rules for posting, identify G/L accounts, and detailposting keys.

T

e Can be included in the expense line or posted in a separate account. T

25. Regarding cross company code transactions:More than one answer is correct; mark true or false.

a Creates 2 documents one for the company codes and a linking document

number.

F

b Taxes are assumed by the originating company code, but can be distributed

via a program.

T

c Can be cleared using customer, vendor, or general ledger accounts. T

d The format of the cross company code number is the leading company code

document number and the leading company code only.

F

e Requires the use of posting keys when generating T


9/16

FI/CO AcademyReview

Page 9 of 16

26. Which of the following is correct regarding clearing?


a Clearing transactions can be done manually or automatically. T

b Accounts to be cleared must be marked as open item managed. T

c Automat ic clearing can have up to three fields to base the clearing on. F

d Often refers to the sort key as a basis for clearing. T

27. Which of the following is correct regarding clearing payments?


a Can be cleared across many company codes, accounts, and account types. T

b Makes automatic postings for taxes, discounts, and exchange rate differences.. T

c When resetting, clearing history is maintained with the transaction for auditpurposes..

T

d Takes customer/vendor and user tolerances into account when posting. T

e Takes the most liberal tolerance amount when evaluating user vs.customer/vendor.

F

28. Which of the following is correct regarding payments?More than one answer is correct; mark true or false.

a Partial payments leave an open item on the account. T

b Require the use of reason codes for auditing purposes. T

c Can be charged off to a G/L account or back to the customer account. T

d Residual items can have either original posting date or a new payment term

when being posted

T

e Residual items create a new invoice and clear the old item. T


10/16

FI/CO AcademyReview

Page 10 of 16

29. Which of the following is correct regarding reason codes?


a Reason codes can be configured to point to automatic charge-off accounts. T

b Can automatically generate letters based on reason code. T

c Is independent of credit management. F

d Are exclusively used for partial payments and residual items. F

e Can extend the customer discount to an unapplied account if within tolerance. F

30. Which of the following is correct regarding exchange rate differences?More than one answer is correct; mark true or false.

a Exchange rate differences are only recognized at the completion of a

transaction.

T

b Users can choose the difference account manually. F

c Can be differentiated by account, currency, and currency type T

d Are posted directly to the reconciliation account in question. F

e Are considered realized at the time of month end reporting. F

31. Which of the following statements is correct?


a Reconciliation ledger keeps track of cross company code cost allocations Xb Reconciliation ledger keeps track of cross business area cost allocations X

c Based on postings in the reconciliation ledger you may create General Ledgeraccounting entries to balance FI with CO

X

d Reconciliation ledger keeps track of Profit Center postings across companycodes

e Reconciliation postings use inter-company accounts to bring FI in balance forcross company code cost allocations

X


11/16

FI/CO AcademyReview

Page 11 of 16

32. Which of the following statements is correct regarding special G/L indicators?


a The 3 classes of transaction are down payments, bills of exchange, and other

transactions

T

b Automatic offsetting entries are recorded in the body of the financial

statements.

F

c Noted items are one-sided and therefore arent considered by the payment

program.

F

d Since noted items are administered as A/R and A/P, line item display should

be turned on in the G/L account.

T

e Free offsetting entries are recorded as a note to the financial statements F

33. Which of the following statements is correct regarding document parking?


a When posting a parked document, a new document number is created. F

b Held documents have no document number assigned by the system. T

c Held and parked documents can be evaluated in reports. F

d Workflow can be assigned to manage parked documents. T

e Held documents are only available to the user who created them. T

34. Which of the following statements are correct regarding workflow?More than one answer is correct; mark true or false.

a Identifies business objects to be processed, who performs the steps, and what

are the steps of the process.

T

b Only considers multistep tasks. F

c Workflow variants must be assigned to a company code in configuration. T

d Can be sent to workplace or interfaced with external programs such as

Outlook.

T


12/16

FI/CO AcademyReview

Page 12 of 16

35. Which of the following statements are correct?


a The payment program is a four step process parameters, proposal, payment

run, print.

T

b Each company code pays its own obligations based on configuration settings. T

c Customers can be paid using the A/P payment process. T

d Also evaluates special G/L transactions in addition to normal obligations. T

36. Which of the following statements are correct?More than one answer is correct; mark true or false.

a Purchase requisitions can create commitments for an internal order T

b The commitment is removed from a cost object based on the goods receipt T

c You can carry forward open commitment values into the first period of the

next fiscal year.

T

d POs can be made a two step process by marking invoice receipt in the

purchase order line item.

F



a Paying company code configuration identifies intercompany paymentrelationships.

F

b Payment method supplements allow additional print and sort options. T

c All company code configuration details the amounts for imcoming andoutgoing payments.

F

d Payment methods-country detail the print program to be used. T

e Payment methods-country give the option of standard print programs or usingthe payment medium workbench.

T


13/16

FI/CO AcademyReview

Page 13 of 16

38. Which of the following statements on payments are correct?

Only one answer is correct; mark true or false.

a Payment methods-company code detail whether certain master record fields

will be checked during the payment process.b Payment methods-country detail the document types used when posting the

payments.

c Each payment method can only use one currency.

d Payment methods must be defined at the country level to be considered by the

relevant company codes.

X

39. Which of the following statements on payments are correct?


a Payments can be optimized by zip code or company code address. F

b Payments can be made in a different currency than what the invoice wasposted in as well as a different currency than the local currency.

T

c The ranking order of banks can be currency dependent or currencyindependent.

T

d Clearing accounts can be identified for balancing of incoming checkprograms

T

e Available amounts are updated after each payment run. F

40. Which of the following statements on payments are correct?More than one answer is correct; mark true or false.

a Each payment run is restricted to company codes in one country. T

b Payment methods are evaluated in the order entered. T

c Next payment date considers discounts to be taken based on configuration. T

d Proposals must be generated before the payment run can be executed. F

e Payment blocks entered in the payment run screen update the status of thedocument itself.

F


14/16

FI/CO AcademyReview

Page 14 of 16

41. Which of the following statements on dunning is correct.


a Dunning procedure must be entered into the master record for a customer or

vendor to be considered.

T

b Dunning keys describe the limit of how many letters will be sent. T

c Each company code must send out its own correspondence. F

d Dunning areas are organizational objects that company codes are assigned to. F

e Charges for dunning are done on the combination of charge amount and

percentage.

F

42. Which of the following statements on correspondence are correct?


a A correspondence type represents a class of letter a company sends out. T

b Required settings in the type include requiring a document number, accountnumber, and the number of date fields.

T

c Each letter is based on SAPScript, and therefore cant be edited dynamically. F

d Calling correspondence can be restricted by business transaction. T

e Correspondence can be called automatically by certain posting transactions. T



a Interest can evaluated at the item level or the account level. T

b Balance interest can be evaluated on customer and vendor accounts as well as

G/L accounts.

T

c Reference interest rates supply a base interest rate which can then have a

premium additionally calculated.

T

d Interest indicators are entered into the master record for eventual calculation

based on configuration settings.

T

e Interest rates ore not date dependent inside of the interest indicator. F


15/16

FI/CO AcademyReview

Page 15 of 16

44. Which of the following statements on check management are correct?

More than one answer is correct; mark true or false

a Voiding checks from a payment run will reverse the accounting entry as well. F

b Canceling a payment will void the check as well as reverse the accountingentry.

T

c A program can be run that imports cashed check information if print

programs set for check management were originally run.

T

d Void checks also require a reversal reason code. F

e Voided checks can be manually replaced. T

45. Which is correct in the following statements?


a Drilldown reporting is based on the ABAP programming framework. T

b The two types of drilldown reporting are forms and SAP Queries F

c SAP Queries represent a list format. T

d Forms can be a framework for reports T

e Reports must have forms created before creating the actual report output. F

46. Which of the following statements regarding financial statement versions are

correct?More than one answer is correct; mark true or false.

a Versions are dependent on the chart of accounts T

b Supplements contain accounts not assigned in the financial statement version. T

c The version key is a required entry when running financial statement reports. T

d The financial statement version validates the entries being reported in anyspecific version.

F

e All accounts must, at some point, have both the debit and credit entriescontained in the version.

T


16/16

FI/CO AcademyReview

Page 16 of 16



a To transfer accounts receivable and accounts payable to Profit Center

Accounting you must run the calculate balance sheet adjustment.

T

b Accounts Receivable and Accounts payable values can be transferred to profitcenter accounting on-line.

F

c To report profits according to the cost-of-sales approach, you need to accessthe characteristic functional area.

T

d At year end you must carry forward the balances for balance sheet items thatwere posted to profit center accounting.

T

e Certain balance sheet accounts can be transferred periodically or online in

real-time to Profit centers

T

48. Which of the following is correct?More than one answer is correct; mark true or false.

a Asset classes are configured at the company code level. F

b Depreciation Areas hold the values calculated by different depreciation keys. T

c An asset can be created at time of document entry. T

d Mass processing for assets start from the reporting environment. T

e .Cross system transfer variants hold transfer values F

Documents

123261426 TFIN52 Overall Review