SAP FICO Online Quiz

Following quiz provides Multiple Choice Questions (MCQs) related to SAP FICO. You will have to read all the given answers and click over the correct answer. If you are not sure about the answer then you can check the answer using Show Answer button. You can use Next Quiz button to check new set of questions in the quiz.

Q 1 - Which of the following statement is correct about G/L accounts?

A - It contains all the transaction details of a company. It acts as primary record to maintain all accounting details.

B - It includes the detail of amount that is paid by customer and the amount that is paid by company to the vendors.

C - It deals with all the fixed asset of the company and provides all the transaction details about fixed assets.

D - It is used to manage all the travel expenses of a company. It involves all the travels request, their planning and expenses involved in all requested trips.

Answer : A

Explanation

A General Ledger contains all the transaction details of a company. It acts as primary record to maintain all accounting details. Common general ledger entries are customer transactions, purchases from vendors, and internal company transactions.

Q 2 - Which of the following is used to differentiate transactions that comes from different line of business in a company?

Answer : A

Q 3 - To effectively manage and control large number of G/L accounts, you can use Chart of accounts group?

A - True

B - False

Answer : A

Q 4 - Which of the following can be maintained in GL account and defines the fields while posting to the GL account?

A - Field Status Variant

B - Field Status Group

C - Posting Periods

D - None of these

Answer : B

Explanation

Field status variant will have filed status groups. Filed status group is maintained in GL account and It defines the fields while posting to the GL.

Q 5 - An Accountant has an authority to post documents to a maximum amount $4000, now he has to feed a document with an amount of $6000 for which he does not have the authority. Which of the following options allows an accountant to save the document but the amount is not posted in the G/L accounts?

A - Park a G/L Document Posting

B - Hold a G/L Document Posting

C - Post with Reference

D - None of these

Answer : A

Explanation

This allows to review the document later reviewed by higher authority Personnel who has appropriate posting amount authorization. Once approved, the document is posted in G/L accounts.

Q 6 - You can reverse an incorrect document and can also clear the open items. A document can only be reversed?

A - It contains no cleared items

B - It contains only customer, vendor, and G/L account items

C - It was posted with Financial Accounting

D - All entered values (such as business area, cost center, and tax code) are still valid

E - All of the above

Answer : E

Explanation

You can also reverse an incorrect document and can also clear the open items. A document can only be reversed if −

It contains no cleared items
It contains only customer, vendor, and G/L account items
It was posted with Financial Accounting
All entered values (such as business area, cost center, and tax code) are still valid

How to reverse a document in SAP FI?

T-code: FB08

Q 7 - Which of the following statement is not correct about Credit control area?

A - The credit control area is used for credit management in AR and SD components.

B - You define a credit control area according to the areas of responsibility for credit monitoring. For each credit control area, you enter a key, a name, and the currency in which the credit limit is to be managed in the credit control area.

C - Credit control can contain one company code.

D - Credit control is used to specify and control the customer credit limits

Answer : C

Explanation

Credit control can include one or more company codes and to enable it to do this, you must assign the respective credit control area to the company codes.

Q 8 - In SAP FI, you can post a vendor invoice in foreign currency so you can do currency analysis. If you post in FI, you can directly post back date invoices?

A - True

B - False