Fixed assets & Financial closing exam 2

If two depreciation areas are set in customizing to post in real time, how many financial accounting documents will be posted during the depreciation run?

One document per asset

One document with two ledgers

It depends on the document splitting rule assigned

Two documents, one per ledger

Which of the following is true regarding the technical clearing account used during asset acquisition? (three correct)

The account is not allowed to be defined in the asset account determination

The account is a balance sheet account

The account must be created as a reconciliation account

The account can be integrated with Controlling

The account is a profit and loss account

When making a partial sale, how can you choose to calculate the amount of value reduction for the asset? (three correct answers)

The year-end closing program does the following, if no errors are found: (two correct)

Updates the last closed fiscal year for each depreciation area

Performs the balance carry forward for the asset accounts

Allows assets to be posted in the new fiscal year

Blocks asset postings in the closed fiscal year

The year-end closing program checks for the following: (two correct)

Depreciation must be fully posted

Allows assets to be posted in the new fiscal year

If any assets have errors

Blocks asset postings in the closed fiscal year

The balance carry forward program does the following in asset accounting: (three correct)

Opens the New Year for posting

Allows posting in the old year

Acts as the fiscal year change

Blocks asset postings in the closed fiscal year

Which components are directly integrated with asset accounting? (three correct)

Two assets in the same company code post depreciation to different GL accounts. What does this mean for the assets? (two correct)

The assets belong to different asset classes

The assets have separate account determinations

The assets post APC values to separate accounts

The assets are assigned to separate cost centers

Which of the following are ways to post external acquisitions? (three correct)

If, for some reason, you need to post an asset acquisition in a closed year- you can reset the year- end closing program.

True

False

Which data sections are part of every asset class? (two correct)

Depreciation data

Master data

Valuation area data

Account determination data area

Hypothetically speaking: If a user enters the following on a document, how many lines will each view of the document contain? User enters a vendor account, a tax amount, and three expense lines with different cost centers/profit centers/segments.

Entry view 2 lines, GL view 5 lines

Entry view 5 lines, GL view 9 lines

Entry view 9 lines, GL view 5 lines

Which are the methods of posting accruals/deferrals? (two correct)

Manually, using a reversing entry for example

Manually, using a journal entry for example

Automatically, using a valuation run for example

Automatically, using the recurring entry for example

Which of the following updates the recurring entry template with the next run on date?

Executing the recurring entry program

Booking an accrual

Processing the batch input session

The balance audit trail report is executed before archiving documents, it could be useful to explain account balances.

True

False

Which is true of extension ledgers? (three correct)

They can have their own posting period variant.

They must be assigned to an underlying ledger.

If a period is closed in the leading ledger, and internal adjustment could be posted to the extension ledger.

They cannot be posted to by using the ledger group field.

Parallel financial reporting means that you must create financial statements for a company in accordance with different accounting rules.

True

False

Foreign currency valuation includes which of the following items? (three correct)

Balance sheet accounts managed in a foreign currency

Cleared customer/vendor items in a foreign currency

Open customer/vendor items in a foreign currency

Open GL account items in a foreign currency

Which of the following are periodic pre-close activities? (four correct)

Financial statement versions must have the following special items: (four correct)

In the financial statement version, general ledger accounts can appear in a specific financial statement item based on the balance of the account.

True

False

At what organizational levels is it possible to create a financial statement? (three correct)

Client level

Business area level

Company code level

Segment level

The GR/IR clearing account is maintained in MM when the quantity of materials delivered differs from the quantity of the materials invoiced- if no further invoice is expected.

True

False

A special program analyses the GR/IR account balance to determine its placement on the balance sheet.

True

False

Flat rate individual value adjustments are valid for which type of accounts?

Assets

Supplier

Customer

Materials

Which business scenarios can be handled with accrual and deferral postings?

One-time payment for fixing flooding damage

Monthly rent payments for an office building

One-time payment for one-year cloud storage service

Fixed assets & Financial closing exam 2

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