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TS410 > Financial Accounting and Management Accounting: Basics > Flashcards

Financial Accounting and Management Accounting: Basics Flashcards

1
Q

What does a general ledger account group control?

A

classification of the GL acc number range

field status

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2
Q

What are the 4 general ledger or CO area account types?

A

Balance sheet

Non operating expense exp/rev

Primary cost/rev

Secondary costs

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3
Q

What type of data is recorded at the company code level of a general ledger acct?

A

Account Currency

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4
Q

What org level does the Chart of Accounts belong to?

A

Client

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5
Q

What are the 2 FI org levels?

A

Company code

Segment

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6
Q

What are the 2 CO org levels/elements?

A

Operating concern

Controlling area

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7
Q

What must be the same for multiple company codes to belong to the same controlling area?

A

Fiscal year

Operating chart of account

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8
Q

Four types of info maintained the chart of accounts level of a general ledger account?

A

Acct Name
Acct Number
Acct Type
Acct Group

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9
Q

What do a posting key controls?

A

Account Type we can post to

Types of posting, Debit or Credit

Field Status of the line item

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10
Q

What is the CO object that is always statistical?

A

Profit Center

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11
Q

What are the two CO objects that is always real/true?

A

Profitability Segment

Cost Center

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12
Q

What is the profit center assigned to ? 

A

Segment and Cost center

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13
Q

What does the Asset class controls?

A

classification of the asset

number range of the asset

field status of the asset

depreciation areas of the asset

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14
Q

What are the areas that depreciation controls?

A

Depreciation key

Estimated life

Normal Depreciation start date

Index

Previous Usage

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15
Q

What is true about an asset?

A

Each asset belongs to a company code

Integrated with FI & CO

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16
Q

What is the only CO object that uses activity type?

A

Cost Center

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17
Q

Cost Center + Activities = ?

A

Activity rates

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18
Q

What type of information is recorded in the Universal Journal?

A

General ledger, profitability analysis, management accounting, asset accounting, material ledger

19
Q

List the main task of Financial Accounting

A

Post all financial transaction, revenues, and expenses

Keep the data unchanged for reporting purposes

Setting up for P&L and balance sheet for legal reporting

20
Q

Explain how a subledger is used in FI posting.

A

Subledger is used for more details information, e.g: usually to know which vendor that we own to. Subledger is synchronized with the general ledger.

Posting made to the subledger through transactions in the SAP system automatically updated to the G/L

21
Q

What is the purpose of document splitting?

A

Determine the real time balance sheet item information at segment, profit center, or business area level

22
Q

[TRUE OR FALSE]

The G/L provides a comprehensive picture of external accounting and financial records

A

TRUE

23
Q

[TRUE OR FALSE]

A chart of accounts contains the definitions of all G/L accounts.

A

TRUE

24
Q

[TRUE OR FALSE]

A posting key controls the account type to be posted.

A

TRUE

25
Q

[TRUE OR FALSE]

An operating concern is assigned to a company code.

A

FALSE

26
Q

[TRUE OR FALSE]

An asset is assigned to a company code

A

TRUE

27
Q

[TRUE OR FALSE]

Each company code has a separate general ledger.

A

TRUE

28
Q

[TRUE OR FALSE]

Primary cost elements are created in Management Accounting

A

FALSE

29
Q

[TRUE OR FALSE]

A depreciation run will integrate with both FI and CO (cost center, IO, Project)

A

TRUE

30
Q

List all of the real cost object!

A

Cost center
Profitability Segment
Sales Order
Production Order

31
Q

List all of the statistical cost object!

A

Profit center

32
Q

List all of the both real & statistical cost object!

A

Internal Order

Project/WBS

33
Q

What are depreciation areas?

A

Rules for calculating depreciation determined by asset class. Calculates useful life, remaining life, index details, and date details.

34
Q

List all FI Master Data!

A

G/L account, chart of accounts, Assets, bank accounts

35
Q

How can you use an internal order?

A

Track Overhead, investment, accrue costs, track revenue.

36
Q

List the CO Objects that you can settle.

A

Internal order, maintenance order, production order, projects, WBS element.

37
Q

What is the difference between a real and a statistical cost object?

A

Statistical object only used for increased detail reportings Real cost object can settle, allocate, receive, and report.

38
Q

In an internal order, where do you identify the receivers of the IO’s accumulated costs?

A

Settlement rule

39
Q

If we do not post to a Profit Center directly, how is the Profit Center determined?

A

Cost center. A profit center can be assigned to a cost center and when the cost center is posted against, the profit center can be derived by the assignment to the master data record.

40
Q

Give an example of when a transaction type is used when posting an accounting document referencing an asset.

A

Acquisition, depreciation, appreciation, retirement, transfer, clearing, revaluation, etc

41
Q

Creating an accounting document what type of account requires a transaction type?

A

Asset account

42
Q

[TRUE OR FALSE]

Secondary cost elements are defined in FI and are used to allocate costs.

A

TRUE

43
Q

[TRUE OR FALSE]

Company codes that are assigned to the same controlling area must have the same operating chart of accounts.

A

TRUE

TS410 (11 decks)

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