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PAS - 014TS > Livre Bob Question Chapter 3 - 4 > Flashcards

Livre Bob Question Chapter 3 - 4 Flashcards

1
Q

Give an example of Owners equity

A

New share worth 45000 that the compagny issued

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2
Q

Give an example of an asset

A

Shares woth 100 000$ that this company purchases in other companies as a way of investing some of its earnings.

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3
Q

Give an example of a liability

A

26 500$ that the company is yet yo pay its suppliers for goods alreay supplied

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4
Q

Explain the impact of the following transaction:

Company uses cash to buy raw materials 500$

A

No change to total assets
Redistribution occurs only within the assets side.
Cash decreases by 500$ and inventory increases.

( the company now has additional raw material of 500$

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5
Q

Explain the impact of the following transaction:

Company takes out a new long-term loan for 100 000$

A

Total assets increase because the company now has 100 000$ in cash( on the left-side of the equation)

There is also an additional long-term liability( the new bank loan that the company now has to pay.

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6
Q

Explain the financial impact of this transaction.

The company receeives raw material worth 50 000$ and has been invoiced by the vendor in full. The company has not yet paid for this purchase.

A

Since the company has an additional 50 000$ worth of raw material, assets have increased.

The company owes 50 000$ and hence its account payable - a liability - has increased by 50 000$.

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7
Q

Explain the financial impact of this transaction.

The company uses 200 000$ of its cash to buy back ( repurchase) some if its own stock,

A

Assets decreased because the company now has that much less cash.

Owners equity decreased by 200 000$ because the value of oustanding shares with shareholders went down as well.

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8
Q

Explain the financial impact of this transaction.

The company pays back 100 000$ of its outstanding loan.

A

Cash decreased by 100 000$.

At the same time, loans - a liability - also decreased.

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9
Q

Explain the financial impact of this transaction.

The company pays 50 000$ to the vendor mentionned above.

A

Cash decreased by 50 000$. Accounts payable - a liability - also decreased on 50 000$.

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10
Q

Explain the financial impact of this transaction.

The company places a new purchase order with a vendot to supply goods worth 35 000$

A

No financial accounting impacts. Impact only starts when the company receives the good ordered as that will change the value of material stock.

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11
Q

Explain the financial impact of this transaction.

The company sells some its land 1 000 000$

A

Value of land - an asset - decreased by 1 000 000 . Cash - also an asset - increases by 1 000 000. Thus, this transaction only impacts the assets side of the balance sheet.

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12
Q

What is the relationship between the Chart of Accounts and the General Ledger?

A

The Chart of Accounts specifies the various account that a company wants to use, and assigns a number to each. It represents the structure that company uses or wants to use for its financial accounting. We could say that it represents the design of a company’s accounting structure.

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13
Q

True or False? The Chart of Accounts does not have any details of actual transactions.

A

True

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14
Q

True or False? The General ledger on the other hand does not represents the actual accounts and holds the various transactions posted to each account.

A

False

“Does represent”

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15
Q

True or False?

The General Ledger is based on a Chat of Accounts. All the accounts with their account numbers specifies in the Chart of Accounts exist in the G/L and we can the various postings as well in the GL.

A

Vrai

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16
Q

If two different company codes use the same Chart of Accounts for their General Ledger, does this mean that they will always have identical transactions posted for each account?

A

No. The chart of account is only the structure. The company will post its transactions to its own general ledger.

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17
Q

What is the impact on profits if a company charges less depreciation than it should?

A

We see that various costs as well as depreciation are subtracted from the sales revenues to arrive at the profit. If a company charges a lower depreciation that it should, then it will clearly end up with higher profits.

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18
Q

What are the reconciliation accounts?

A

Accounts that accumulate the postings made in subledger.

Ex: Accouns Receivable Account at the Balance Sheet level.

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19
Q

At what level is the G/L managed?

A

Company code

20
Q

What is the organization level coresponding to a legal entity in SAP?

A

Compagny code

21
Q

What is the smallest SAP entity that supports a full set of books?

A

Company code

22
Q

Which organization element supports the creation of Balance Sheet and Income Statements that cut accross company codes.

A

Segment( or Business Area)

23
Q

Which organization element is concerned with tracking of profits within a component of a company code?

A

Profit Center

24
Q

Which organization element is concerned with tracking the performance of external maket segments?

A

Operating Concern

25
Q

How many company codes can be in a client?

A

Many

26
Q

To how many codes can a business area be linked?

A

Many

27
Q

Where does the controlling area fit into the organization elements of SAP?

A

It exists within the Client and has one or more Company Codes as assigned to it.

28
Q

How many company codes can be allocated to a controlling area?

A

Many

29
Q

What restriction applies to a company code when it is assignment to a controlling area?

A

All company codes associated with the same Controlling Area must use the same Operative Chart of Accounts.

30
Q

At what level are Charts of Account maintened?

A

Client

31
Q

How many charts of account can a company code us

A

One (This is true for legal reporting. However alternative charts of accounts are frequently used for consolidation – such as the case when assigning a company code to a controlling area)

32
Q

How many company codes within a client can use the same Chart of Accounts?

A

Many

33
Q

From where do GL accounts get their definition?

A

Chart of Accounts

34
Q

What are the two segments that make up a complete G/L master record?

A

Chart of Accounts segment and company code segment

35
Q

Which segment of the G/L master contains general information which describe the account?

A

Chart of Accounts

36
Q

Which segment of the GL master contains specific information about how a company chooses to use an account?

A

Company code

37
Q

Reconciliation _______ allow for ________of G/L accounts with sub-ledger accounts

A

“account” | “real-time integration”

38
Q

True or False : The account for an individual vendor or customer would be found in the sub-ledger.

A

True

39
Q

Give me an example of a reconciliation account?

A

The Account Receivable G/L balance sheet account used to consolidate individual customer receivables.

40
Q

The feature of the G/L that allows for postings within a document to be broken out into different categories. such as profit centers and segment?

A

Document splitting

41
Q

What SAP customers cant ake advantage of light-wight management accounting functionality by using profit centers within FI?

A

Profit Centers

42
Q

In SAP FI, there is a single ledger at the client level which is?

A

Leading ledger

43
Q

Is it always possible to drill down into the line item list of an account from the balance display for a G/L account.

TRUE OR FALSE?

A

False. Drilling down into the details of an account is possible only if it is enabled for that account?

44
Q

The vendor business partner includes three roles whi ch are?

A

General role = client, FI Vendor=company code, Supplier role = purchase organization

45
Q

The reconciliation account number for Accounts Payable in the G/L is stored in which role and which organizational level of the business partner?

A

FI Vendor at the company code

46
Q

Information about purchasing data for a vendor can be found in which role and which organizational level of the vendor business partner?

A

Supplier and Purchasing Organization

47
Q

The customer business partner has information in the following roles which are?

A

General role ( Client) FI Customer (Company code, Customer role)

PAS - 014TS (20 decks)

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