Knowledge quiz

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

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

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

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

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 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

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

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

Once you choose to use the traditional default G/L account determination you cannot switch to the Advanced G/L account determination

Choose the correct answer.

True

False

10.

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