General Ledger Account Review Questions and Answers

1) An account group.

a. Defines the number range for a master record.
b. Uses a field status group to control the field layout for the maintenance of master records.
c. Determines one-time accounts for accounts payable and accounts receivable.
d. Is defined for every company code.
 

2) You have several options for creating G/L accounts . Which of the following statements are correct?

a. You can create a G/L account in a company code without using a sample account.
b. You can create a G/L account in chart of accounts.
c. You can create a G/L account in a company code using a samples account.
d. You can create a G/L in a controlling area if you specify the chart of accounts
and the company code.
e. You can create a G/L account when settling an order.
 

3) Which of the following statements are correct regarding open item management?

a. In order to manage line items as open and cleared for venders and customers the open item management¡± Indicator must be on in the reconciliation account master record.
b. Vendor and customer account are always open item management accounts.
c. In order to be able to manage line items as open and cleared, the line item display indicator must be on in the G/L account mater record.
d. In order to be able to manage line item as open and cleared, the open item management indicator must be on in the G/L account master record.
e. In order to be able to manage line items as open and cleared, the sort key must be defined as the document number.
 

4) When you create a G/L account the following entries must always be assigned to the account

a. Account Group.
b. Balance sheet a/c or P&l a/c & P&L statement type.
c. Short text.
d. Sample account number
e. Consolidation trading partner.
 

5) Which of the following are true:

a. Multiple currencies can be assigned in G/L master record to facilitate reporting.
b. Key words may be input as search criteria on a G/L master for use with only one Co. code
c. A G/L account will have the changes made to it if any tracked in a separate data base.
d. All G/L Balance Sheet accounts are marked with Account type B.
 

6) The primary cost element is one type of master data in Controlling. Before you can create a new primary cost element, certain prerequisites need to be fulfilled Which of the following conditions must be fulfilled BEFORE you can create primary cost elements?

a. The controlling area must be defined.
b. The cost center must be defined.
c. The G/L account must be defined.
d. The plant must be in the system.
e. The business areas have been defined.
 

7) Which of the following statements about financial reporting are correct?

a. A financial statement version displays either a balance sheet or a profit and lost statement, not both.
b. When displaying a financial statement, the system can automatically calculate the profit and loss statement result.
c. You can obtain a summarized financial statement for any hierarchy level defined in the financial statement version.
d. The system can translate a financial statement into any currency for reporting purposes.
e. A financial statement version cannot include more than one company code, unless you are using FI-LC.
 

8) Where are posting periods defined?

a. Posting period variant.
b. Fiscal year variant.
c. Field status variant.
d. Closing period variant
 

9) Which of the following statements regarding year-end closing are correct?

a. The balance carry forward program can be run at any time during the fiscal year.
b. The system creates the balance carried forward for every balance sheet account for new fiscal year.
c. The p&l accounts balance is transferred to a Retained Earnings account. You determine the retained earning account as part of the selection criteria when executing the Balance Carry Forward program.
d. Posting during the Balance Carry forward program is possible.
 

10) The date format can be defined by the following:

a. Country
b. System.
c. User.
d. Company
e. Plant

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Answers

1) a, b, c

2) a, b, c

3) b, d

4) a, b, c

5) b, c

6) a, c

7) d

8) b

9) a, b, d

10) a, c

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See Also
Chart of Accounts And Organizational Structure Review Questions

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