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SAP FI Accruals and Deferrals Competitive Qs with As
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SAP FI Accruals and Deferrals Competitive Qs with As

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Declaration: This is totally based on Practical Hands on Exercise given by my Trainer during SAP FI Training Only for Practice Purpose before appearing for SAP Certification Exam. It may vary in Real ...

Declaration: This is totally based on Practical Hands on Exercise given by my Trainer during SAP FI Training Only for Practice Purpose before appearing for SAP Certification Exam. It may vary in Real Examination conducted by SAP AG. This can be useful for cracking SAP FI Interviews.

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SAP FI Accruals and Deferrals Competitive Qs with As SAP FI Accruals and Deferrals Competitive Qs with As Document Transcript

  • SAP FINANCIALS ACCRUALS AND DEFERRALS Competitive Q’s with A’s by Pramila Nagaraj SAP Certified Candidate @ Source One Management Services Pvt. Ltd Bangalore 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore
  • 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore Enhancement Package TFIN50_Part 2 Unit 8 Accruals and Deferrals Competitive Questions with Answers 1. Derivation Rules consists of  Condition  Fields  Rules  Parameter 2. Accrual/Deferral document ensures documents are posted in correct posting period True False 3. Accrual/Deferral document cannot be reversed without a reason True False 4. Sequential rules must be created in correct order since the results are cumulative True False 5. Application Component must be assigned to accounting principle and company code True False 6. Reversal Procedure does not apply to deferral/accrual documents True False 7. Manual accrual is a application component of accrual engine True False 8. In __________Posting, credit balance on the payable/provisions account increases Ans. Accrual 9. Application components of the accrual engine can be defined by user True False
  • 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 10. Advantages of Accrual Engine (one or more are correct)  Extensive Information System  Parallel Accounting  Simulation  Automatic calculation and periodic posting All 4 are correct 11. Pick out the Correct One Accrual Object Life Insurance Insurance Accrual Type GAAP/IFRS Accrual Object Category Revenue/Cost Accounting Principle Answer: Accrual Object Life Insurance Insurance Accrual Object Category GAAP/IFRS Accounting Principle Revenue/Cost Accrual Type 12. Service is done now, paid later is it accrual? True False 13. Each Accrual object has several accrual items True False 14. Accrual Simulation possible in accrual engine True False 15. Example of Accrual is Rent Payment True False 16. In Posting Control we define Frequency and Summarization Level True False
  • 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 17. Debit Account is the Target Account True False 18. A separate line item is created for each accrual item in case of  No Summarization  Maximum Summarization 19. Accrual engine documents automatically creates corresponding documents in FI True False 20. For each Accrual type account determination is required for  No Posting  Periodic Posting  Opening Posting  All Posting All 4 are correct 21. Reversal date is the date of reversal posting date True False 22. Accrual Posting do not create document rather updates fiscal year records True False 23. To activate application component  Assign application component to combination of company code and accounting principles  Assign company code to Application Component  Fiscal year for required Application Component to be open  Define Accounting Principles All 4 are correct 24. During Period End Closing part of Accrued Income account for a deferral posting  Increases  Decreases 25. Service is done later, Paid now, is it Deferral? True False
  • 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 26. Current Fiscal Year must be open True False 27. Additional account assignment is summarized in maximum summarization level True False 28. Basic data of accrual engine consists of  Accrual Postings  Information related to accruals to be carried out  Description of Accrual subject 29. If an accrual object is terminated prematurely, the entire residual amount is posted to _________ account.  Expense  Revenue 30. Description of accrual object is found in basic data of accrual engine True False 31. Basic Data is time in-dependent True False 32. Posting Control is defined for each company code, accounting principle, accrual item True False Posting Control is defined for Accrual Type 33. Subject to be accrued is called accrual object True False
  • 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 34. Pick the Correct One Chart of accounts Start and Target Accounts Target Field Process in accrual engine Source Field Accrual Type Accounting Principle Document Type Own Parameter Answer: Target Field Start and Target Accounts Document Type Own Parameter Source Field Chart of Accounts Process in accrual engine Accrual Type Accounting Principle Own Parameter 35. When Total amount payable is estimated it is posted in __________account Ans. Provision 36. At the end of Fiscal Year we need not carry forward accrual object since it is being done in GL ledger closing procedure True False Accrual Object Carry forward is a separate process 37. Accrual item contains an accrual method True False 38. Account are determined by using Derivation rules True False 39. Required accounting principles must be defined True False
  • 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 40. Revenue is an Accrual Object True False 41. During Period End Closing part of Payable account for an accrual posting ___________ Increases Decreases 42. Cost is an Accrual Type True False 43. Accrual Object are identified for each company code True False 44. Life Insurance is an example of Accrual Object Category True False 45. Service is done Now, Paid later is it Deferrals? True False It is Accruals 46. Periodic start of accrual run or reversal of accrual run is the process triggered from application component of accrual engine True False 47. Deferral/Accrual Posting is done manually for Period End Closing True False Recurring Entry Program 48. If reason and exact amount for expenses is known accrual is posted to provisions account True False If reason and exact amount for expenses is known accrual is posted to Other Payable Account.
  • 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 49. In Accrual Posting, exact amount is posted to the same account in each period True False 50. Start Account is the Credit Account True False 51. Posting Control is defined for each  Accrual Type  Accrual Item  Accounting Principle  Company Code 52. Based on Account Determination, an accrual can be calculated but not posted True False 53. Accrual item describes how a accrual type is accrued using a accounting principle True False 54. Accrual Engines used for  Provision for Awards  Intellectual Property Management  Manual Accrual  Lease Accounting All 4 are correct 55. Output of Accrual Engine is Periodic Posting True False 56. Summarization level for Posting Control are  Accrual Object Summarization  Maximum Summarization  No Summarization 57. Accrual Object are grouped in accrual object category True
  • 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore False 58. Reversal reason defines reversal documents can have different posting dates True False 59. If reason and exact amount for expenses is not known accrual is posted to other payables account True False If reason and exact amount for expenses is not known accrual is posted to Provision Account 60. Functions of Accrual Engine  Define Accounts for Posting  Calculate Accrual Amounts  Create related posting  Define Accrual Objects 61. Closing Activity of Accrual Engine  Carry forward accrual objects into next fiscal year  Reconcile Accrual Engine document with GL Documents 62. Service is done Later, Paid Now, is it Accrual True False It is Deferral 63. No separate line item is created for each item in case of No Summarization level True False 64. Process Triggered by application component of accrual engine  Change in Basic Data  Periodic run of the accrual run  Accrual posting 65. Some of the posting control frequency are  Per Posting Period  Half Yearly  Quarterly
  • 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 66. Purpose of Account Determination is to determine document type, debit/credit account True False 67. Accrual Object cannot be defined as own number and range True False 68. For Parallel Accounting, Accrual engine supports parallel accounts and ledgers True False 69. Reversal document which is comprised of negative posting is specified in reversal True False 70. Accrual Engine is a Generic tool for calculating and creating accrual posting True False 71. Accrual Item = Accrual Type + Accounting Principle True False 72. Parallel Derivation Processed Consequently and determine independent results True False 73. Application Components must be assigned to the company codes True False 74. For each accrual type we define which posting is Automatic and hence for which posting account determination is required True False 75. Example of Deferrals are Insurance Payments True False
  • 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 76. Insurance is an example of Accrual Object Category True False 77. We create _________when an expense or revenue is to be received in the future, but is incurred or earned partly or completely in the current period. Ans. Deferrals 78. ___________ refers to a special accrual scenario and provide optimized user interface  Accrual Engine  Application Component 79. User can work with _______________ for accrual posting  Application Component  Accrual Engine 80. Application components of the accrual engine can be defined by user True False Declaration: This is totally based on Practical Hands on Exercise given by my Trainer during SAP FI Training Only for Practice Purpose before appearing for SAP Certification Exam. It may vary in Real Examination conducted by SAP AG. This can be useful for cracking SAP FI Interviews.