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34 Cards in this Set

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Every General Ledger is structured according to a ?
chart of accounts
What connects the subledgers to the general ledger?
Reconciliation Accounts
The general ledger is managed at what level?
Company Code
The Treasury (TR) focus on what functions
Payment means,
Foreign exchange
Deivatives
Bonds
Loans
Market Risk
Financial accounting is meant for
legal reporting.
Balance Sheet and Income Statement according to GAAP or IAS
Management accounting is meant for
internal management information regarding cost and revenue. Mgmt accounting could analyze cost and revenue at a high organizational unit, across countries.
You should create a company code according to
tax law, commerical law and other FI criteria.
One or more company codes can be assigned to a controlling area? (T/F)
True
Controlling areas require
same operating chart of accounts and fiscal year.
The GL account consist of
Account number
Account name
Type of GL account (P&L or balance sheet)
Account groups classify GL accounts into user-defined segments and determine the?
number range of the accounts.
Reconciliation accounts ensures
real-time integration of subledger account with the general ledger.
In the general ledger, postings are limited to reconciliation accounts by the use of
account types.
The new general ledger in mySAP ERP has the following advantages
Extended data structure
Document split (Segment)
Reconciliation to Management Accounting
Manage multiple books with parallel accounting
A held document is
a document saved and not posted
The vendor master records contain data that controls how transaction data is posted and processed? (T/F)
True
An invoice entered direct into AP within FI is a
miscellaneous invoice with no reference to a PO.

Also, a credit memo can be entered in FI AP.
The vendor name and address in the vendor master is stored at the
client level. The purchasing organization enters data specific to purchasing in the vendor master before use.
The customer name and address in the customer master is stored at the
client level. The sales area (Sale Org, Distribution Channel, Division) must be defined before doing business with the customer.
The organizational unit used for credit control is
the credit control area for the customer.
The credit department sets up a separate?
credit management master record which is an extension of the customer master record.
The credit management master record consist of
General data (address, max limit)
Credit control area data (risk category)
Overview (contains most important data)
On the day of shipping products to the customer what is created?
Outbound delivery document
The goods to be delivered are posted as?
Goods issue which is created in MM, and accounting document is created for FI.
What is debited and credited for a goods issue?
Debits COGS
Credits Inventory
What are the debits and credits when a billing document is created?
Debit Customer AR
Credit Revenue
A sales order is blocked when?
Credit limited is exceeded.
Each asset belongs to a
company code and business area. Additionally, you can assign the asset to various CO Objects (cost center, internal order) and Logistic Organizational Units.
Each asset has to be assigned to an asset class such as
1000 Buildings
2000 Machinery
3000 Business Equipment
4000 Assets under construction
5000 Low-value assets
Plant Maintenance (PM) is used for the _____ ______ of assets. Treasury (TR) is used for managing ______ assets.
technical management
financial
Asset explorer offers?
a clear overview of the activity for an asset.
Reconciliation accounts can be posted to directly? (T/F)
False

Post to the subledger account.
What determines the structure of the balance sheet and income statement as far as which accounts map to which line items on the report?
Financial statement version
What are the various acquisitions and retirements that can be posted in asset accounting?
1. Without a vendor or PO, offsetting GL clearing
2. to a vendor
3. via MM by creating a PO