MULTIPLE CHOICE
Select the best answer from each of the following statements.
There are five options available on Payment Means, which of the following is not
among them: *
Credit Card
Bank Transfer
Bill of Exchange
None of the choices
It is possible to create as many payment methods as required using Payment Means.
In addition, it allows you to link specific payment methods to relevant business
partners. *
Choose
True
Which of the following describes step 3 in the picture shown below: *
Left-click
Right-click
Double-click
Payment Tab
The following flow chart does not depict the transaction that shows: *
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Incoming payment through credit card.
Incoming payment through check.
Incoming payment through bank transfer.
None of the above.
A deposit document must be processed in order to transfer the funds from the clearing
account to the house bank account and clear the customer account. *
Choose
False
When a customer pays using check, the system retrieves that checks received account
from the "checks received" field on the sales tab under: *
Financials - Setup - Administration - G/L Account Determination
Administration - Setup - Banking - G/L Account Determination
Administration - Setup - Financials - G/L Account Determination
Financials - Setup - G/L Account Determination
Statement 1: The system does not involve a clearing account for manual outgoing
payments for credit card, checks and bank transfers. Instead, the credit posting is
done directly on the G/L Account. Statement 2: Since most companies have multiple
cash registers with one assigned cash on hand account each, the correct cash on
hand account number must be entered manually *
Only statement 1 is correct
Only statement 2 is correct.
Both statements are correct.
Both statements are incorrect.
Which of the following outgoing payments will not require manual entry of bank
account? *
Cash
Credit Card
Check
Bank Transfer
You can create an incoming payment to clear the debt of an open A/R invoice or an
opening balance. You can also create an incoming payment for a down payment
received before the goods or services were provided. *
Choose
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True
Which of the following statements describe the picture shown below: *
Partial collection from Norm Thompson per Goods Receipt Purchase Order (GRPO) # 226.
Full collection from Norm Thompson per Invoice # 226.
Full collection from Norm Thompson per Goods Receipt Purchase Order (GRPO) # 226.
Partial collection from Norm Thompson per Invoice # 226.
SAP allows negative journal entry *
True
False
SAP accepts a higher debit amount compared to the credit journal entry *
True
False
It is organized by drawers and levels *
Chart of accounts
Journal entry
Recurring entries
When should you do posting? *
Daily
Monthly
Yearly
Depending on the posting periods you set up
During closing, the system generates a list of proposed closingn entries. You can
accept each proposal individually *
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True pg 16
False
Secret lang
When do we use recurring posting? *
Sales
Collection of accounts receivable
Straight line depreciation
All of the above
What do you call the reports generated in SAP? *
Crystal reports
Diamond reports
Emerald reports
Bamboo reports
During Closing, SAP will allow posting even if the debit is not equal to credit *
True
False
Contains the total brought forward cumulated profit *
Level 1 accounts
Cash
Retained earnings
Level 2 accounts
How does SAP Business One calculate the stock available in the warehouse? *
Committed - Ordered
In Stock - Committed
Committed + In Stock + Ordered
In Stock + Ordered - Committed
Elsa of Frozen Inc. created a purchase order for steel tubes. After creating the order,
he realized that he had ordered too large a quantity from his vendor. What advice
would you give to Elsa? *
Since the purchase order cannot be changed or canceled in the system, he should create an
Advance Goods Return for the excess quantity that he will receive from the purchase order.
Since he cannot change the purchase order, he should contact the vendor and ask them to
send a smaller amount than is shown on the purchase order, then change the status on the
purchase order to closed once the smaller amount is received.
He can reduce the quantity on the purchase order as longs as it has not yet been shipped
and contact his vendor to let him/her know of the change.
Since the purchase order cannot be changed, he must cancel and re-create the purchase order
for the correct amount.
Zelda open a Business Partner Master record and notices that the Account Balance
field contains asterisks instead of having a numeric value. What has happened? *
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Zelda does not have general authorization to view Business Partner account balances.
Zelda is not the owner of this master data record.
The account balance field is negative, therefore Zelda must determine the reason why.
Zelda is not defined as a sales employee, therefore he has no access to account balances.
In the Business Partner Payment Terms, you set the Due Date, which is calculated
based on the posting date, starting from the beginning of the month plus 31 days. You
create an A/R Invoice on May 10. Which Due Date will appear on the invoice? *
May 31
July 31
July 1
June 30
June 10
One of your customers has a product you would like to purchase. What must you do to
order this product from your existing customer? *
Create a new vendor master record and create a purchase order for this vendor.
Enter a purchase order for the product but enter the customer number in the vendor field.
Use the A/P Invoice with a one-time vendor.
In the customer master, tick the checkbox ;use as vendor', you can then use the customer
code in a purchase order.
You reach an agreement with your customer to accept payments in three installments.
What happens when you create an invoice for this customer?
The system automatically splits the invoice amount into three equal payments and posts a journal
entry for each payment with the relevant due date.
The system posts a single journal entry that contains a row for each installment. The due date is
set to date of the final installment.
The system posts three separate journal entries, one for each installment, each with the relevant
posting date.
The system posts a single journal entry that contains a row for each installment with the
relevant due date.
The sales manager would like to have seasonal prices discounted from the regular
sales price. He would like to change all his products prices at the same time whenever
the season changes. What is the most efficient way to do this? *
Create a price list for the regular sales price. Create a hierarchy called 'seasonal prices' which
will be based on the regular sales price list and will give time-based discounts for the season
based on a factor Manager enters.
Create a price list called 'regular sales price list' to list the regular sales prices. Whenever
Manager wants to have a seasonal price list, he will use the 'regular sales price list' as the base
price list and enter a discount factor.
Create a price list called 'regular sales price list' to list the regular sales prices. Create
another price list called 'seasonal price list'. Use the 'regular sales price list' as the base
and set a factor by which to discount all the items. Whenever Manager wants to change the
prices on the seasonal price, he can change the factor without creating a new price list.
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Create a price list which will contain the regular sales prices. Define period and volume discounts
for the seasonal prices which will contain both the validity periods for the discounts and a factor
to calculate the discounts for all items.
ABC Corp. would like all the company's products and services to be priced in whole
numbers. Since his company needs to update prices frequently, he would like to use
factors to update complete price lists. However, he gets calculations which cause the
prices to include decimals. How can he solve this problem with his price lists? *
In System Initialization > Document Settings, set the 'rounding method' field to 'by currency'.
Use only factors in multiples of ten to update the price lists.
Mark the checkbox 'whole numbers only' in the price list.
Set the rounding field in the price list to 'rounding to the full amount'.
Your customer has two delivery addresses they would like to use. How do you set this
up?
Activate the checkbox for multiple addresses in the customer master data, then specify a primary
and a secondary delivery address.
Add each new address on the address tab of the customer master data. After adding each new
address, choose the option 'set as shipping address' to designate the address to be used for
deliveries.
On the address tab of the customer master data, choose 'define new' under 'ship to' in
order to enter the two delivery addresses.
Create two contact persons with different addresses for the customer.
Which G/L accounts appear in the profit or loss statement?
Asset and liability accounts
Asset, sales and expenditure accounts.
Sales and expenditure accounts.
All accounts with a non-zero balance.
Accounts marked with 'Account Type Sales and Expenditure'.
In SAP Business One Chart of Accounts, Levels 2 - 4 consists of active or title
accounts. *
True
False
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