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SAP S/4 HANA for Financial Accounting Associates Certification Exam Questions with Answers & Explanations -Online Quiz
SAP S/4 HANA for Financial Accounting Associates Certification Exam Questions
These questions are similar to the ones asked in the actual Test.
How should I know? I know, because although I got my SAP S/4 HANA for Financial Accounting Associates Certification five years back, I have re-certified with the latest version of the certification test.
Before you start here are some Key features of the SAP S/4 HANA for Financial Accounting Associates Certification Exam
– The exam is Computer based and you have three Hours to answer 80 Questions.
– The Questions are (mostly) multiple choice type and there is NO penalty for an incorrect answer.
– Some of the Questions have more than one correct answers. You must get ALL the options correct for you to be awarded points.
– The Official Pass percentage is 65% (But this can vary). You will be told the exact passing percentage before your begin your test.
Sample Questions
1. Which of the following types of tasks are available in the Financial Closing Cockpit?
Note: There are 2 correct answers to this question.
a. External Job
b. SAP PCS
c. Programs with program variants (background processing)
d. Process Chain
Answer: a, c
Explanation:
Types of Tasks:
The following types of tasks are available in the Financial Closing Cockpit:
- Programs with program variants (background processing): Standard programs are available for processing activities in the background. If these programs are included in the task list template with corresponding parameters (that is, with a variant), you can start background processing directly from the FCC. Without a program variant, you can start and process the report in the task list of the FCC.
- Transactions: Start online transactions manually from the task list and go directly from the FCC to the relevant application transaction.
- Flow Definition: Use flow definitions to process multiple programs automatically without interruption. You combine such programs with variants to form a logical flow chain with predecessor and successor relationships.
- SAP CPS: Create and schedule SAP Central Process Scheduling application by Redwood (SAP CPS) tasks to process tasks on other systems.
- Remote Job, – Transaction, – Program, – Flow Definition: You can create these activities are run in remote systems.
- External Job: Create tasks that you use to monitor the jobs that are created or scheduled in a remote or the local system using external schedulers. Note that tasks with this task type only retrieve information from systems. You cannot use them to perform any closing operations.
2. Which of the following is NOT a reason for performing Intercompany Reconciliation (ICR)?
Please choose the correct answer.
a. ICR ensures that the Intercompany documents from all accounting transactions within the corporate group correspond to one another.
b. ICR contains the tools to check that the documents have been correctly assigned to a business transaction.
c. ICR enables you to find corresponding documents easily and make additional assignments.
d. ICR enables you to compute imputed tax.
Answer: d
Explanation:
Closing Process with Intercompany Reconciliation:
ICR supports reconciliation of the open items in the general ledger (G/L) and in the subledgers (normally AR and AP). It enables analysis early in the closing process and allows you to avoid differences. In addition, you can execute postings on accounts that have no open item management, such as expense and revenue. For this purpose, the relevant postings are collected and analyzed in a central system.
Reasons for Performing ICR:
The following are reasons for performing ICR:
- ICR ensures that the Intercompany documents from all accounting transactions within the corporate group correspond to one another.
- ICR contains the tools to check that the documents have been correctly assigned to a business transaction.
- ICR enables you to find corresponding documents easily and make additional assignments.
3. Which of the following is NOT the main step of Intercompany Reconciliation (ICR)?
Please choose the correct answer.
a. Document selection and data storage
b. Automatic assignment of documents
c. Manual reconciliation and communication
d. Automatic assignment of networking limits
Answer: d
Explanation:
Main ICR Steps:
The following are the main steps of ICR:
- Document selection and data storage.
- Automatic assignment of documents.
- Manual reconciliation and communication.
Detailed ICR Steps:
The detailed steps of ICR are as follows:
- Initially data is selected from the sender system and then stored centrally in the reconciliation system.
- Data records that fit together are automatically assigned using customized criteria and the data records with variances remain for analysis.
- The people responsible at the group companies check the variances interactively, assign the documents manually, and communicate variances to the accountants involved with the help of the integrated communication support.
- The corrections (as well as the new documents) are posted so that they can be included in the next data selection.
4. Which of the following business processes are supported by the Intercompany reconciliation?
Note: There are 3 correct answers to this question.
a. Process 001 G/L open items
b. Process 002 accounts
c. Process 003 customer or vendor open items
d. Process 004 materials
e. Process 005 block indicator setup
Answer: a, b, c
Explanation:
Business Processes Supported by the Intercompany Reconciliation:
The business processes that are supported by the Intercompany reconciliation are as follows:
- Process 001 G/L open items: This process is intended for the reconciliation of open items. You should choose this process if most of your Intercompany receivables and payables are posted to G/L accounts.
- Process 002 accounts: This process is intended for the reconciliation of documents posted to accounts that do not have open item management. This process is mostly used for the reconciliation of profit and loss accounts.
- Process 003 customer or vendor open items: This process is intended for the reconciliation of AR and AP open items. You should choose this process if most of your Intercompany receivables and payables are posted to customer and vendor accounts.
5. In SAP S/4HANA, as an alternative to financial statements, you can use RFBILA00 to create a structured list of account balances. The RFBILA00 structured list has ALL of the following restrictions EXCEPT?
Please choose the correct answer.
a. Profit is neither calculated nor displayed
b. Loss is neither calculated nor displayed
c. Accounts that are not assigned to a financial statement item are not displayed
d. The non-assigned accounts item appears in the report
Answer: d
Explanation:
Financial Statement: RFBILA00
In SAP S/4HANA, the standard financial statement reports can be used from SAP ERP, for example, RFBILA00.
As an alternative to financial statements, you can use RFBILA00 to create a structured list of account balances.
RFBILA00 Restrictions:
The RFBILA00 structured list has the following restrictions:
- Profit or loss is neither calculated nor displayed.
- Accounts that are not assigned to a financial statement item are not displayed.
- The non-assigned accounts item does not appear in the report.
The standard system is delivered with sample financial statement versions. You can copy these versions and modify them to create your own versions.
6. The physical inventory procedure determines the quantity of stocks to be displayed on the balance sheet. SAP S/4HANA application supports which of the following methods?
Note: There are 3 correct answers to this question.
a. Continuous inventory method
b. Periodic inventory method
c. Cycle counting method
d. Custom inventory method
e. Adhoc counting method
Answer: a, b, c
Explanation:
Physical Inventory Procedure:
The physical inventory procedure determines the quantity of stocks to be displayed on the balance sheet.
SAP S/4HANA Application Methods:
The SAP S/4HANA application supports the following methods:
- Continuous inventory method
Stocks are counted throughout the entire fiscal year. Every material has to be physically counted at least once during the year.
- Periodic inventory method
All stocks are physically counted on the balance sheet key date. Every material has to be counted on this date. During the count, the entire warehouse is blocked from any material movements.
- Cycle counting method
The material stocks are counted at regular intervals during the fiscal year. The interval or cycle in which a material is counted depends on the cycle counting indicator set for the material.
The actual quantity counted during a physical inventory is entered in the material master record as the material’s new quantity. The difference between the quantity counted and the quantity recorded in the system is posted in materials management.
7. In SAP S/4HANA all reconciliation steps for process 003 (= customer or vendor open items) can be performed by executing which of the following dialog transaction?
Please choose the correct answer.
a. FBICR1
b. FBICR2
c. FBICR3
d. FBICR4
Answer: c
Explanation:
In SAP S/4HANA all reconciliation steps for process 003 (= customer or vendor open items) can be performed by executing the dialog transaction FBICR3 (Manual reconciliation). It is no longer necessary to execute the pre-steps for selection of open items (transaction FBICS3) and the automatic reconciliation (transaction FBICA3).
Prerequisite:
- Items are posted in the same system (no RFC destination is defined for the company).
- Data Source: AR/AP open items.
In order to use this functionality, you need to go to customizing transaction FBIC032 and change the Transfer Type for the respective entries to Read from Primary Database.
8. The chart of accounts segment of a G/L account contains which of the following information?
Note: There are 2 correct answers to this question.
a. Account number
b. Block indicator
c. Control fields
d. Cost Center
Answer: a, c
Explanation:
The chart of accounts contains basic information about accounts. This information is summarized in a chart of accounts segment.
The chart of accounts segment of a G/L account contains the following information:
- Account number
- Name of the account (as short and as long text)
- Control fields
- Consolidation fields
You can translate the chart of accounts into other languages. The translation allows you to display the account name in the appropriate logon language when displaying master data and posting it. If you do not translate the chart of accounts in the logon language, the account name appears in the chart of accounts maintenance language.
Text with different information can be assigned to each chart of accounts segment.
9. In which of the following type of account, the balance is carried forward to the same account?
Please choose the correct answer.
a. Balance sheet
b. P&L statement
c. Cash flow statement
d. Imputation statement
Answer: a
Explanation:
Accounts in Closing Procedure:
The accounts are treated differently in the closing procedure as follows:
Users can define the retained earnings account in Customizing. You can then assign this account to expense accounts during the creation of the master record of the general ledger account.
10. The field status enables you to control the display and maintenance of the master data of an account. You can set which of the following as the status of a field?
Note: There are 2 correct answers to this question.
a. Hide
b. Display
c. Secured
d. Locked
Answer: a, b
Explanation:
Account Group Controlled Field Status:
The field status enables you to control the display and maintenance of the master data of an account.
You can set any one of the following as the status of a field:
Fields are grouped by SAP S/4HANA. You can set a common field status for all fields of a group. For example, you can set a status for the interest calculation indicator, interest cycle, and last interest calculation key date fields.
The Account currency and Field status group fields are always the required entry fields. The status for these fields cannot be changed.
11. When the Open Item Management indicator is set in the master record for a general ledger account, the items posted to this account can be in which of the following states?
Note: There are 2 correct answers to this question.
a. Open
b. Cleared
c. Blocked
d. Closed
Answer: a, b
Explanation:
When the Open Item Management indicator is set in the master record for a general ledger account, the items posted to this account can be in one of the following states:
- Open
- Cleared
12. As a standard, when you create a G/L account, SAP S/4HANA takes which of the following as the default account currency?
Please choose the correct answer.
a. Local currency
b. Foreign currency
c. Global currency
d. Custom currency
Answer: a
Explanation:
When you define a company code, you also need to define the company code currency.
You can select one of the following currencies as account currency:
- Local currency
- Foreign currency
As a standard, when you create a G/L account, SAP S/4HANA takes the local currency as the default account currency.
If you select the local currency, you can post to this G/L account in any currency. Other currencies are converted into the local currency for each line item.
Posting of items in different currencies is possible irrespective of whether line item display is activated or not.
Account in Local Currency:
13. Which of the following statements is NOT true regarding Balances in Local Currency?
Please choose the correct answer.
a. If the master data record has the Only Balances in Local Currency indicator selected, then the transaction figures are managed only for amounts that have been converted into the local currency.
b. Set the Only Balances in Local Currency indicator in the cash discount account and the GR/IR clearing account.
c. You must avoid setting Only Balances in Local Currency indicator in reconciliation accounts for customers or vendors.
d. Only Balances in Local Currency indicator is usually set in balance sheet accounts that are managed in foreign currencies or on an open item basis.
Answer: d
Explanation:
If the master data record has the Only Balances in Local Currency indicator selected, then the transaction figures are managed only for amounts that have been converted into the local currency.
Select this field for clearing accounts when you want to clear accounts by assigning items with the same local currency amount with one another, without the need for postings for exchange rate differences.
Set the Only Balances in Local Currency indicator in the cash discount account and the GR/IR clearing account. Avoid setting this indicator in reconciliation accounts for customers or vendors. This indicator is usually set in balance sheet accounts that are not managed in foreign currencies or on an open item basis.
Only Balances in Local Currency:
14. To change G/L account master data in collective processing, you cannot use which of the following options?
Please choose the correct answer.
a. Change chart of accounts data
b. Change company code data
c. Change account descriptions
d. Change cost center data
Answer: d
Explanation:
Collective Processing:
SAP S/4HANA provides collective processing functions for the G/L account master records.
You can make changes to the master data of several G/L accounts simultaneously. To change G/L account master data in collective processing, you can use the following options:
- Change chart of accounts data
- Change company code data
- Change account descriptions
The general ledger accounts can belong to different charts of accounts.
15. Which of the following principles apply to segments?
Note: There are 2 correct answers to this question.
a. The use of segments is only officially approved by SAP if they are used simultaneously with profit centers
b. Segments can only be derived automatically using profit centers
c. In many business cases, particularly in logistics, you can enter segments manually
d. Various standard interfaces support segments
Answer: a, b
Explanation:
Deriving a Segment:
The Segment characteristic is derived from the characteristic Profit Center, which exists in various SAP objects.
As mentioned in SAP Note 1035140, the following principles apply to segments:
- The use of segments is only officially approved by SAP if they are used simultaneously with profit centers
- Segments can only be derived automatically using profit centers
- In many business cases, particularly in logistics, you cannot enter segments manually
- Various standard interfaces do not support segments
If you cannot derive the characteristic Segment from the master record of a profit center, you need to look for other ways of assigning a segment.
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