Accounts Receivable Quiz Questions: Test!
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Did you know accounts receivable are legally enforceable claims for payment arranged by a business for goods or services supplied that customers have ordered but not paid? For this quiz, you must know things like what the transaction code is to display a document and the correct sequence of tasks in the SAP lockbox process. This amazing quiz will help you understand accounts receivable.
- 1.
What is the transaction code to Display a Document?
- A.
FBL5N
- B.
F.27
- C.
FB03
- D.
FD10N
Correct Answer
C. FB03Explanation
The transaction code FB03 is used to display a document in SAP. This transaction allows users to view the details of a specific document, such as the document number, posting date, and amount. It provides a comprehensive overview of the document, including the line items and any related documents. By entering the document number in FB03, users can easily access and review the information they need.Rate this question:
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- 2.
You need to clear customer invoices using a separate transaction for ad hoc authorizations.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement is true because clearing customer invoices using a separate transaction for ad hoc authorizations allows for better control and tracking of the authorization process. By using a separate transaction, companies can ensure that each authorization is properly recorded and accounted for, reducing the risk of errors or unauthorized access. This also allows for easier auditing and monitoring of the authorization process, ensuring compliance with internal controls and regulatory requirements.Rate this question:
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- 3.
You need to settle authorizations for both the sales order and ad hoc scenarios.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
To ensure proper functioning and security, it is necessary to settle authorizations for both sales order and ad hoc scenarios. This means that permissions and access controls should be established for both planned sales orders as well as any unplanned or ad hoc situations that may arise. By doing so, the organization can maintain control over its sales processes and ensure that only authorized individuals have the necessary permissions to carry out these activities. Therefore, the statement that you need to settle authorizations for both the sales order and ad hoc scenarios is true.Rate this question:
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- 4.
What is the correct sequence of tasks in the SAP Lockbox process?
- A.
FLB1, FLB2, ZFIAR
- B.
ZFIAR, FLB1, FLB2
- C.
ZFIAR, FLB2, FLB1
- D.
None of the above
Correct Answer
C. ZFIAR, FLB2, FLB1Explanation
The correct sequence of tasks in the SAP Lockbox process is ZFIAR, FLB2, FLB1. This means that the first task is ZFIAR, followed by FLB2, and finally FLB1.Rate this question:
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- 5.
A check is defined as _______ if neither the customer nor payment-related invoices can be identified.
- A.
Applied
- B.
Unprocessed
- C.
Partially applied
- D.
Partially processed
Correct Answer
B. UnprocessedExplanation
A check is defined as unprocessed if neither the customer nor payment-related invoices can be identified. This means that the check has not been recorded or matched with any specific customer or invoice. It indicates that the payment has not been applied or processed yet.Rate this question:
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- 6.
What transaction is used for any form of payment other than lockbox and credit cards (Ex. cash, check, wire transfer, ACH, etc)?
- A.
F-28
- B.
FB08
- C.
F.80
- D.
F32
Correct Answer
A. F-28Explanation
F-28 is the correct answer because it is the transaction code used in SAP for customer payment processing. It is used for any form of payment other than lockbox and credit cards, such as cash, checks, wire transfers, ACH, etc. F-28 allows users to enter and post incoming payments from customers, update customer account balances, and clear open items.Rate this question:
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- 7.
How are open items cleared in SAP?
- A.
Transactions are archived, then purged from the current billing cycle
- B.
Transaction status is changed from “active” to either “paid” or “past due”
- C.
Fields with missing information about the account or transaction are completed
- D.
Payments are applied to accounts with open items to clear them
Correct Answer
D. Payments are applied to accounts with open items to clear themExplanation
Payments are applied to accounts with open items to clear them. This means that when a payment is made, it is allocated to the specific open item on the account, reducing the outstanding balance and effectively clearing the open item. This process ensures that all outstanding transactions are accounted for and resolved, resulting in a balanced account.Rate this question:
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- 8.
Open items are:
- A.
Accounts with no outstanding balance due
- B.
Transactions that have been cleared and are in the archiving queue
- C.
Accounts with no activity in the current billing cycle
- D.
Transactions that have not been cleared and remain on the customer’s account.
Correct Answer
D. Transactions that have not been cleared and remain on the customer’s account.Explanation
The correct answer is "Transactions that have not been cleared and remain on the customer’s account." This answer accurately describes open items as transactions that have not been cleared, meaning they have not been reconciled or resolved, and they still remain on the customer's account. Open items can include unpaid invoices, pending payments, or any outstanding transactions that have not been fully processed or closed.Rate this question:
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- 9.
Information about a journal entry document, such as the document date and document number, is displayed in the:
- A.
Document abstract
- B.
Document header
- C.
Document summary statement
- D.
Document footnotes
Correct Answer
B. Document headerExplanation
The document header is the section of a journal entry document where important information about the document is displayed, such as the document date and document number. This section is typically located at the top of the document and provides a summary of key details. It helps to identify and track the document within a system or database.Rate this question:
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- 10.
In which module of SAP is the billing document created?
- A.
Sales & Distribution (SD)
- B.
Warehouse Management (WM)
- C.
Customer Relations Management (CRM)
- D.
None of the above
Correct Answer
A. Sales & Distribution (SD)Explanation
The billing document is created in the Sales & Distribution (SD) module of SAP. This module is responsible for managing the sales and distribution processes within an organization. It includes functionalities such as sales order processing, pricing, shipping, and billing. Therefore, it is logical that the billing document, which is a crucial part of the sales process, is created in the SD module. The other modules mentioned, Warehouse Management (WM) and Customer Relations Management (CRM), do not have direct involvement in the creation of billing documents.Rate this question:
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- 11.
From where is the accounting document or “invoice” generated?
- A.
Billing document in Sales & Distribution
- B.
Credit memo in Sales & Distribution
- C.
Invoice master in Financial Accounting
- D.
None of the above
Correct Answer
A. Billing document in Sales & DistributionExplanation
The accounting document or "invoice" is generated from the billing document in Sales & Distribution. This document contains all the relevant information about the products or services provided to the customer, including the quantities, prices, and any applicable taxes or discounts. It serves as a record of the transaction and is used for billing purposes. The billing document is created in the Sales & Distribution module and is then used to generate the accounting document or invoice.Rate this question:
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- 12.
How is Accounts Receivable part of the Quote to Cash (Q2C) end-to-end process?
- A.
It is not part of the P2P process
- B.
It provides a historical record of vendor reliability
- C.
It manages the collection and processing of customer receivables
- D.
It provides a real time perspective on global inventory levels.
Correct Answer
C. It manages the collection and processing of customer receivablesExplanation
Accounts Receivable is part of the Quote to Cash (Q2C) end-to-end process because it is responsible for managing the collection and processing of customer receivables. This means that it handles the tracking and recording of payments owed by customers, as well as the collection and processing of those payments. This is an essential step in the Q2C process as it ensures that the company receives payment for the products or services provided to customers.Rate this question:
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- 13.
All postings in AR are recorded directly in General Ledger.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
In accounting, the General Ledger is the central repository where all financial transactions are recorded. It serves as a complete and chronological record of all postings made within an organization. Therefore, the statement that all postings in AR (Accounts Receivable) are recorded directly in the General Ledger is true. This means that any transaction related to accounts receivable, such as sales, customer payments, or adjustments, will be recorded in the General Ledger to maintain accurate financial records.Rate this question:
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- 14.
SAP Finance organizational elements include:
- A.
P & L, Controlling Area, Asset Control Area
- B.
Financial Accounting, Controlling Area, Operating Concern
- C.
Controlling Area, Credit Control Area, Operating Concern
- D.
Credit Control Area, Company Code, Accounting Unit
Correct Answer
C. Controlling Area, Credit Control Area, Operating ConcernExplanation
The correct answer is Controlling Area, Credit Control Area, Operating Concern. These are the organizational elements in SAP Finance. The Controlling Area is responsible for cost controlling and profitability analysis. The Credit Control Area is responsible for managing credit limits and credit control for customers. The Operating Concern is a management accounting organizational element that allows for the analysis of profitability and performance.Rate this question:
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- 15.
What core SAP Finance module is the AR Application Component part of?
- A.
Profitability Analysis
- B.
Cost Accounting
- C.
Financial Accounting (FI)
- D.
None of the above
Correct Answer
C. Financial Accounting (FI)Explanation
The AR Application Component is part of the Financial Accounting (FI) module in SAP. This module focuses on managing financial transactions and generating financial statements. AR, which stands for Accounts Receivable, is a key component of the FI module as it involves managing customer invoices and tracking incoming payments. Therefore, the correct answer is Financial Accounting (FI).Rate this question:
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- 16.
What is the company code?
- A.
An independent accounting unit
- B.
A number assigned by the SEC for all publicly traded companies.
- C.
A number that identifies both the customer and Agent for a purchase transaction
- D.
A number used to identify a specific organizational element
Correct Answer
A. An independent accounting unitExplanation
The company code refers to an independent accounting unit within a company. It is a distinct entity that is responsible for its own financial records and reporting. This allows for better organization and management of financial information within the company.Rate this question:
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- 17.
Why is organizational structure important?
- A.
It establishes parameters that allow for compliance with business rules.
- B.
It forms a framework that supports all business activities
- C.
It clearly defines resources needed and facilitates cross training
- D.
The structure is built to accommodate expansion due to technological innovation
Correct Answer
B. It forms a framework that supports all business activitiesExplanation
Organizational structure is important because it provides a framework that supports all business activities. It helps in defining roles, responsibilities, and reporting relationships within an organization, ensuring that everyone knows their place and how they fit into the overall structure. This framework helps in coordinating and aligning various functions and departments, facilitating effective communication, decision-making, and collaboration. It also helps in streamlining processes, improving efficiency, and ensuring that resources are utilized effectively. Overall, a well-defined organizational structure provides clarity, direction, and stability, enabling the smooth functioning of the business and supporting its goals and objectives.Rate this question:
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- 18.
What are SAP organizational elements?
- A.
The smallest segment of an end-to-end SAP procedure
- B.
Programming object that implement the overall business protocol
- C.
Structures representing legal and/or organizational views of an enterprise
- D.
The internal work teams responsible for determining financial policy and process
Correct Answer
C. Structures representing legal and/or organizational views of an enterpriseExplanation
SAP organizational elements are structures that represent the legal and/or organizational views of an enterprise. These elements help in organizing and managing various aspects of the business, such as departments, divisions, and locations. They provide a hierarchical structure that allows for efficient management and coordination of resources within the organization. These elements are essential for configuring and customizing SAP systems to align with the specific requirements of the enterprise.Rate this question:
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Current Version
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Mar 21, 2023Quiz Edited by
ProProfs Editorial Team -
Jun 16, 2011Quiz Created by
Timothy Johnson
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