Chapter 1: FI Flashcards
What is the highest organizational level in financial accounting?
Client
How many client per enterprise?
One
How many company code does a client have?
More than one or at least one
What is the highest level in Financial reporting?
Company code
Internal division to generate Financial statements
Business areas
What are the Master data in Financial Accounting
Chart of accounts, G/L accounts and subsidiary ledgers
List of all GL accounts used by several Company codes
Chart of accounts
A type of chart of account Used by organizations in day to day transactions
Operative chart of accounts
What are the organizational levels of Financial Accounting?
Client, Company Code, Business Areas
Use to meet Country specific reporting requirements
Country specific chart of accounts
Contains the GL accounts that are used by the entire corporate group for the entire corporate group
Group chart of accounts
Used to record financial impact of business process
General ledger
Not part of the general ledger use for separate accounting purposes
Subsidiary ledger
Where customer credit is awarded and monitored and it controls customer credit
Credit control area
How many company codes in credit control area
One or more company code
