Knowledge quiz

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

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

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

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

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

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

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

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

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

Foreign currency transactions are recorded simultaneously in the local currency.

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