Fact Basics # Part 1
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Welcome to FACT online quiz.
You will have 20 minutes to answer 20 easy questions. All the questions are multiple choice type. Questions will appear one by one. There is no option to go back to see the previous question.
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- 1.
TERMS Code in FACT Account/ Preferences/ System Control/ Sales/Purchase - Invoice Terms can be
- A.
Only alphabets
- B.
Only numbers
- C.
Both
- D.
It could be any character including special characters
Correct Answer
D. It could be any character including special charactersExplanation
The terms code in the FACT account preferences system control for sales and purchase invoices can be any character, including special characters. This means that the code can contain letters, numbers, and special characters, providing flexibility in creating unique and specific terms for invoices.Rate this question:
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- 2.
The Number of Invoice Terms that may be defined in FACT Account/ Preferences/ System Control/ Sales/Purchase - Invoice Terms to the maximum
- A.
20
- B.
15
- C.
30
- D.
30 & above
Correct Answer
C. 30Explanation
The correct answer is 30. This means that in FACT Account/Preferences/System Control/Sales/Purchase, the maximum number of invoice terms that can be defined is 30.Rate this question:
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- 3.
Data “folder” initials can have
- A.
Only Numbers
- B.
Only Alphabets
- C.
Both (A& B)
- D.
It could be any character including special characters
Correct Answer
C. Both (A& B)Explanation
The correct answer is both (A&B) because the initials of a data "folder" can have both numbers and alphabets. It is not limited to only numbers or only alphabets. The initials can be any combination of numbers and alphabets, including special characters.Rate this question:
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- 4.
It is possible to set the Quantity and Rate Precision as
- A.
Quantity – 3 decimal, Rate – 3 Decimal
- B.
Quantity – 4 decimal, Rate – 4 Decimal
- C.
Quantity – 2 decimal, Rate – 2 Decimal
- D.
All of above
Correct Answer
D. All of aboveExplanation
The explanation for the given correct answer is that the system allows the user to set the precision for both quantity and rate independently. This means that the user can choose to have 3 decimal places for quantity and 3 decimal places for rate, or 4 decimal places for both, or 2 decimal places for both. Therefore, all of the options mentioned in the question are possible choices for setting the quantity and rate precision.Rate this question:
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- 5.
Identify the wrong combination
- A.
Product Code and Document Class Code – both are 15 characters
- B.
Product Code and Document Class Code – both have the IMPORT facility in Master
- C.
Product Code and Document Class Code – both has the MASS Delete option
- D.
Product Code and Document Class – both can be Active or Dormant
Correct Answer
B. Product Code and Document Class Code – both have the IMPORT facility in MasterExplanation
The given answer is incorrect because it states that both the Product Code and Document Class Code have the IMPORT facility in Master. However, there is no information provided in the question about the IMPORT facility in Master for either of these codes. Therefore, this combination cannot be identified as wrong based on the given information.Rate this question:
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- 6.
A negative check for product balances is not possible in FACT for back dated entries
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
A negative check for product balances is possible in FACT for backdated entries. This means that if there is a backdated entry for a product, the system can check if the product balance is negative or not. Therefore, the correct answer is False.Rate this question:
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- 7.
It is possible to create a TEMPLATE for Debit/ Credit Notes
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement "It is possible to create a TEMPLATE for Debit/Credit Notes" is false. Debit and credit notes are typically used to record adjustments to a customer's account or to correct errors in invoices. Unlike invoices, which often have a standard format and can be easily templated, debit and credit notes are specific to each transaction and require individual customization. Therefore, it is not possible to create a template for debit/credit notes.Rate this question:
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- 8.
It is possible to activate Batchwise Inventory middle of the Accounting Year
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
It is possible to activate Batchwise Inventory in the middle of the accounting year. This means that a company can choose to start tracking inventory using batch numbers at any point during the year, rather than having to wait until the beginning of a new accounting period. This flexibility allows businesses to implement batchwise inventory management whenever it is most convenient or necessary for their operations, without being restricted by the timing of the accounting year.Rate this question:
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- 9.
Batchwise inventory cannot be activated if there is negative stock for the product
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
If there is negative stock for a product, it means that more of the product has been sold or used than what was available in inventory. In such a case, it would not be possible to activate batchwise inventory because there is a discrepancy in the stock levels. Batchwise inventory management requires accurate tracking and control of stock quantities, which is not possible when there is negative stock. Therefore, the statement that batchwise inventory cannot be activated if there is negative stock for the product is true.Rate this question:
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- 10.
Maximum 9999 numbers of Cash/ Bank can be defined/ set in FACT
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The given statement is false. In FACT (Financial Accounting and Controlling), there is no maximum limit on the number of cash/bank accounts that can be defined or set. This means that an organization can define and set as many cash/bank accounts as needed within the system. Therefore, the correct answer is false.Rate this question:
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- 11.
The Alt GL Code defined thru Masters / Chart of Accounts / General Ledger is shown on the following reports
- A.
Trial Balance – Normal
- B.
Trial Balance – Date To Date
- C.
Trial Balance – Groupwise
- D.
All
Correct Answer
B. Trial Balance – Date To DateExplanation
The Alt GL Code defined through Masters / Chart of Accounts / General Ledger is shown on the Trial Balance – Date To Date report. This report displays the balances of accounts within a specified date range, allowing for a comparison of account balances over time. The Alt GL Code is a unique identifier assigned to each account, and it helps in organizing and categorizing accounts in the chart of accounts. By including the Alt GL Code on the Trial Balance – Date To Date report, users can easily track and analyze the financial performance of specific accounts over a specific period.Rate this question:
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- 12.
The Valuation Techniques available through Product Masters are
- A.
FIFO , Average
- B.
LIFO, Rated
- C.
All of these
Correct Answer
C. All of theseExplanation
The correct answer is "All of these" because the valuation techniques available through Product Masters include FIFO (First In, First Out), Average, LIFO (Last In, First Out), and Rated. These techniques are commonly used in inventory management to determine the value of goods or products. FIFO assumes that the first items purchased are the first ones sold, while LIFO assumes that the last items purchased are the first ones sold. Average calculates the average cost of items, and Rated assigns specific values to each item based on certain criteria. Therefore, all of these valuation techniques are available through Product Masters.Rate this question:
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- 13.
The Reverse DB-CR button is available in
- A.
Voucher - One Db/Cr
- B.
Voucher - Many Db/Cr
- C.
None of the above
Correct Answer
C. None of the aboveExplanation
The Reverse DB-CR button is not available in either the "Voucher - One Db/Cr" or the "Voucher - Many Db/Cr" options.Rate this question:
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- 14.
Project Segment Number is defined through
- A.
Masters / Document Class / Codes
- B.
Masters / Document Class / Picture
- C.
Masters / General Ledger Codes
Correct Answer
B. Masters / Document Class / PictureExplanation
The correct answer is "Masters / Document Class / Picture" because the Project Segment Number is determined or defined by the combination of the Masters, Document Class, and Picture. These three elements play a role in identifying and categorizing the project segment number.Rate this question:
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- 15.
Contra voucher should be
- A.
Receipt Only
- B.
Payment Only
- C.
Both of above
Correct Answer
B. Payment OnlyExplanation
The correct answer is "Payment Only" because a contra voucher is used to record transactions that involve both cash and bank accounts, but only for payment purposes. It is not used for recording receipts or any other type of transaction. Therefore, the contra voucher should only be used for payment transactions.Rate this question:
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- 16.
Identify the right combination
- A.
Auto Calculated Amount and Many Db/Cr Voucher
- B.
Auto Distributed Amount and Customers / Vendor - Receipt/ Payment
- C.
None of the above
Correct Answer
C. None of the above -
- 17.
Serial No Tracking in Sales & Purchases is activated from the following page in system controls
- A.
Sales
- B.
Purchases
- C.
None of the above
Correct Answer
C. None of the aboveExplanation
The correct answer is "None of the above" because the question is asking about the page in system controls where Serial No Tracking in Sales & Purchases is activated. However, the options provided (Sales and Purchases) do not correspond to system controls pages. Therefore, the correct answer is "None of the above" as none of the options provided are the correct page.Rate this question:
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- 18.
Opening Cash/Bank Balances are entered through
- A.
Masters / Opening Balances / Cash / Bank Books
- B.
Masters / Opening Balances / General Ledger Codes
- C.
Masters / Opening Balances / Sub ledger journals
Correct Answer
B. Masters / Opening Balances / General Ledger CodesExplanation
Opening Cash/Bank Balances are entered through the "Masters / Opening Balances / General Ledger Codes" option. This option allows the user to input the opening balances for cash and bank accounts in the general ledger codes section of the software. This ensures that the opening balances are accurately recorded and reflected in the financial statements. The other options mentioned, such as Cash/Bank Books and Sub ledger journals, are not the correct pathways for entering opening cash/bank balances.Rate this question:
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- 19.
Activate Memorandum Entries is Activated/Ticked to get access to enter Inventory Memos
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement "Activate Memorandum Entries is Activated/Ticked to get access to enter Inventory Memos" is false. Activating or ticking the "Activate Memorandum Entries" option does not grant access to enter inventory memos. The activation of this option is related to the creation and tracking of memorandum entries, which are used for recording non-financial transactions. It does not have any direct connection with inventory memos, which are used for documenting changes in inventory quantities or values.Rate this question:
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- 20.
It is possible to insert a line/ another product in Sale Order by using
- A.
Insert button
- B.
Alt+ Insert button
- C.
Ctrl+insert button
- D.
Alt +I
- E.
CTrl+I
Correct Answer
C. Ctrl+insert buttonExplanation
The correct answer is ctrl+insert button. This key combination allows the user to insert a line or another product in a Sale Order. By pressing ctrl+insert, the user can quickly add a new line or item to the existing order without having to manually navigate or click on any specific buttons or options. This shortcut helps to streamline the process and save time when working with Sale Orders.Rate this question:
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 15, 2023Quiz Edited by
ProProfs Editorial Team -
Jul 23, 2009Quiz Created by
Factrnd
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