SAP FICO Online Quiz


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Following quiz provides Multiple Choice Questions (MCQs) related to SAP FICO. You will have to read all the given answers and click over the correct answer. If you are not sure about the answer then you can check the answer using Show Answer button. You can use Next Quiz button to check new set of questions in the quiz.

Questions and Answers

Q 1 - In SAP FICO system, which of the following is not a components under Finance Accouting?

A - General Ledger

B - AR/AP

C - Fixed Assets

D - Cost Center

Answer : D

Explanation

Finance Accouting

Q 2 - Which of the following chart of accounts type contains all General Ledger accounts that are used to meet daily needs in a company?

A - Company Chart of accounts

B - Country Chart of accounts

C - Operating Chart of accounts

D - None of these

Answer : C

Explanation

It contains all General Ledger accounts that are used to meet daily needs in a company. Operating chart of accounts has to be assigned to a company code.

Q 4 - What is the account type for a Vendor account in FI?

A - A

B - D

C - K

D - M

E - S

Answer : C

Explanation

A = Assets

D = Customers

K = Vendors

M = Materials

S = General Ledger Account

Q 5 - You can also hold posting of a G/L document or temporarily save the document in which of the following conditions?

A - When G/L document is not complete

B - Incomplete/Incorrect Information in the document

C - To save the document at later stage

D - All of the above

Answer : D

Explanation

You can also hold posting of a G/L document or temporarily save the document in below conditions −

  • When G/L document is not complete
  • Incomplete/Incorrect Information in the document
  • To save the document at later stage

Answer : E

Explanation

You can also reverse an incorrect document and can also clear the open items. A document can only be reversed if −

  • It contains no cleared items
  • It contains only customer, vendor, and G/L account items
  • It was posted with Financial Accounting
  • All entered values (such as business area, cost center, and tax code) are still valid

How to reverse a document in SAP FI?

T-code: FB08

Q 7 - There is a customer with an outstanding amount of 1500 and makes a payment of 500 then there will two separate open items of 1500 Debit and 500 Credit in FI system?

A - Posting Incoming Payments

B - Foreign currency invoice

C - Incoming Partial Payments

D - Incorrect payment invoices

Answer : C

Explanation

In SAP FI, you can also post partial payments from customer. These partial payments are posted as separate open items.

Customer can see clearly what all invoice has been issued to customer and what payments he has made. But it keeps the multiple open items, until the invoice is fully paid/ cleared.

Q 8 - Consider a case- you have an invoice # 23156 and this invoice will remain open till you receive a payment for this invoice. When a payment is received a new document is created # 50000678, when you enter the receipt and this document also becomes the clearing document. Now due to some error, when you have to reverse this payment document, which of the following can be used to perform this?

A - Outgoing Partial Payments

B - Withholding Tax in vendor invoice

C - Reset AP Cleared Items

D - Automatic Payment Program

Answer : C

Explanation

In SAP FI, you can clear vendor payment if an incorrect payment is made in Account Payables.

When you use this, the system will first reset the documents as open items and then reverse the document #.

Answer : D

Explanation

The dunning system covers below documents −

  • Open A/R invoices, including invoices that are partially credited or partially paid
  • Invoices that include installments
  • A/R credit memos
  • Incoming payments that are not based on invoices

Q 10 - While considering integration in the SAP System, when an asset is purchased or produced in-house, you can directly post the invoice receipt or goods receipt, or the withdrawal from the warehouse to?

A - Financial Accounting

B - Plant Maintenance

C - Asset Accounting

D - Controlling

Answer : C

Explanation

It is possible to post from the Materials Management (MM) component directly to FI-AA. When an asset is purchased or produced in-house, you can directly post the invoice receipt or goods receipt, or the withdrawal from the warehouse, to assets in the "Asset Accounting" component. At the same time, you can pass on depreciation and interest directly to the "Financial Accounting" (FI) and "Controlling" (CO) components. From the "Plant Maintenance" (PM) component, you can settle maintenance activities that require capitalization to assets.


sap_fico_questions_answers.htm

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