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

Answer : A

Explanation

A General Ledger contains all the transaction details of a company. It acts as primary record to maintain all accounting details. Common general ledger entries are customer transactions, purchases from vendors, and internal company transactions.

Q 2 - Which of the following is used to differentiate transactions that comes from different line of business in a company?

A - Business Area

B - Credit Control

C - Functional Area

D - General Ledger

Answer : A

Q 3 - To effectively manage and control large number of G/L accounts, you can use Chart of accounts group?

A - True

B - False

Answer : A

Q 4 - Which of the following can be maintained in GL account and defines the fields while posting to the GL account?

A - Field Status Variant

B - Field Status Group

C - Posting Periods

D - None of these

Answer : B

Explanation

Field status variant will have filed status groups. Filed status group is maintained in GL account and It defines the field’s while posting to the GL.

Q 5 - To create a stock outward movement material credit what is the posting key for this?

A - 70

B - 75

C - 89

D - 99

Answer : D

Explanation

Asset Posting Keys

Posting Key Description Debit/Credit
70 Debit Asset Debit
75 Credit Asset Credit

Material Posting Keys

Posting Key Description Debit/Credit
89 Stock Inward Movement Material Debit
99 Stock outward Movement Material Credit

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 - In SAP FI, Credit control is used to specify and control the customer credit limits. It is not possible to divide a company code into several credit control areas?

A - True

B - False

Answer : A

Explanation

In SAP FI, Credit control is used to specify and control the customer credit limits. A credit control area can include one or more company codes. It is not possible to divide a company code into several credit control areas.

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 #.

Q 9 - While defining Exchange rates, In direct quotation, you give base currency to foreign currency as 1/65 USD = 1 INR?

A - True

B - False

Answer : B

Explanation

Exchange rates can be entered as direct or indirect quotations. In direct quotation, we give multiple of base currency to foreign currency.

Example − 1 USD = 65 * 1 INR

For indirect quotation, it will be 1/65 USD = 1 INR.

Answer : D

Explanation

Following are key submodules of SAP controlling system −

  • Cost Element Accounting
  • Cost Center Accounting
  • Activity-Based-Accounting
  • Internal Orders

Product Cost Controlling −

  • Profitability Analysis
  • Profit Center Accounting

sap_fico_questions_answers.htm

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