Knowledge quiz

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

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

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

Your local currency is Euro. You have several customers located in the United States and their currency is USD. When you create marketing documents for these customers, you would like the system to automatically enter a price in USD. How can you define this in the system?

Choose the correct answer.

In the price list linked to these customers, include prices in USD in the additional currency column

Define the currency of the US business partners as All Currencies

Set the system currency to USD and update the daily exchange rate

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 currency is the exchange rate differences transaction posted?

Choose the correct answer.

Local currency

BP currency

Foreign currency

System currency

What characterizes the balance sheet accounts?

There are two correct answers.

They are typically located in the top 3 drawers of the chart of account

They appear in the trial balance report

They are typically located in the lower drawers of the chart of accounts

They appear in the profit and loss report

Foreign currency transactions are recorded simultaneously in the local currency.

Choose the correct answer.

True

False

The Balance Sheet Accounts reflect the monitory value of the company

Choose the correct answer.

True

False

The accountant wants to define a set of default accounts according to business partner groups. Therefore, the company should use the advanced G/L account determination window

Choose the correct answer.

True

False

10.

What is a system currency?

Choose the correct answer.

The currency in which the company is legally required to keep its books

An additional currency in which all transactions are recorded

A currency used only when recording transactions for foreign business partners