Knowledge quiz

It's time to put what you've learned to the test, get 8 right to pass this unit.

You cannot change the Local or the System Currency once you have started posting transactions in the company.

Choose the correct answer.

True

False

In which drawer in the chart of accounts can we find the account payables?

Choose the correct answer.

Assets

Liabilities

Capital and reserves

Turnover

The calculation of the exchange rate in an A/P Invoice is based on the document due date.

Choose the correct answer.

True

False

Which of the following definitions are available in the Advanced G/L account determination method?

There are three correct answers.

Default account per user defined field

Default account per ship-to address

A combination of different default accounts

Default account for a service type invoice

Default accounts in the item master data

The bookkeeping balance of the balance sheet account has to be cleared every year.

Choose the correct answer.

True

False

Which of these statements regarding the chart of accounts are true?

There are two correct answers.

The order of accounts in financial reports is taken from the chart of accounts structure

The drawer names cannot be changed

Active accounts can be defined in level 1

Accounts that appear in green are defaults defined in the G/L Account determination window

Which scenario may trigger an exchange rate transaction?

Choose the correct answer.

A payment to a foreign currency vendor

An invoice to a foreign currency customer

An invoice in foreign currency price to a local customer

An Invoice and payment to a foreign currency vendor posted in the same posting date

The Balance Sheet Accounts reflect the monitory value of the company

Choose the correct answer.

True

False

Foreign currency transactions are recorded simultaneously in the local currency.

Choose the correct answer.

True

False

10.

Any rule you define in the advanced form will have a higher priority than the G/L Account Determination window.

Choose the correct answer.

True

False