SAP FICO Online Quiz

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.

Q 1 - Which of the following statement is correct about G/L accounts?

A - It contains all the transaction details of a company. It acts as primary record to maintain all accounting details.

B - It includes the detail of amount that is paid by customer and the amount that is paid by company to the vendors.

C - It deals with all the fixed asset of the company and provides all the transaction details about fixed assets.

D - It is used to manage all the travel expenses of a company. It involves all the travels request, their planning and expenses involved in all requested trips.

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 can be used to carry forward P/L account balances?

A - Automatically using single retained earning accounts

B - Automatically using multiple retained earning accounts

C - Using period end processing via single retained earning account

D - Using period end processing via multiple retained earning account

Answer : D

Q 3 - Which of the following system is responsible for configuration of STMS?

A - QA system

B - SAP Landscape

C - Domain Controller

D - Production System

Answer : C

Q 4 - Posting periods can be only be assigned to one company code?

A - True

B - False

Answer : B

Q 5 - An Accountant has an authority to post documents to a maximum amount $4000, now he has to feed a document with an amount of $6000 for which he does not have the authority. Which of the following options allows an accountant to save the document but the amount is not posted in the G/L accounts?

A - Park a G/L Document Posting

B - Hold a G/L Document Posting

C - Post with Reference

D - None of these

Answer : A

Explanation

This allows to review the document later reviewed by higher authority Personnel who has appropriate posting amount authorization. Once approved, the document is posted in G/L accounts.

Q 6 - You can reverse an incorrect document and can also clear the open items. A document can only be reversed?

A - It contains no cleared items

B - It contains only customer, vendor, and G/L account items

C - It was posted with Financial Accounting

D - All entered values (such as business area, cost center, and tax code) are still valid

E - All of the above

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