P&g Academy Msa-srap Quiz #4
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In this new quiz from Procter & Gamble, we’ll be tasking you with a whole host of questions related to such topics as NROs, Commitments, Actuals, the MyCrosscharge tool, Dummy Customer IDs and much more!
Questions and Answers
- 1.
Who's responsible for identifying and accruing MSA liabilities and establishing prepaids?
- A.
GAC2
- B.
Regional Finance
- C.
GBS MSA Accountant
- D.
GBU/MDO Budget Owners
Correct Answer
D. GBU/MDO Budget OwnersExplanation
The GBU/MDO Budget Owners are responsible for identifying and accruing MSA liabilities and establishing prepaids. They have the authority and knowledge to assess and allocate the financial obligations associated with MSA liabilities. They are in charge of budgeting and managing the funds for their respective departments or business units, making them the most suitable individuals to handle these tasks.Rate this question:
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- 2.
_________ are to be established for unpaid invoices or unbilled amounts that relate to commitments covering goods, services, effort, or obligations that have been received prior to the end of the fiscal year.
- A.
Prepayments
- B.
BSA
- C.
Accruals
- D.
Accrued revenue
Correct Answer
C. AccrualsExplanation
Accruals are established for unpaid invoices or unbilled amounts that relate to commitments that have been received prior to the end of the fiscal year. This means that even though the invoices have not been paid or the amounts have not been billed, the company has already received the goods, services, effort, or obligations. Accruals help to accurately match expenses with revenues in the correct accounting period, ensuring that financial statements reflect the true financial position of the company.Rate this question:
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- 3.
P&G has a newly created Tide T.V. commercial. The expense for this advertisement will be recognized/booked when:
- A.
The marketing agency sends the invoice to P&G
- B.
The commercial is aired on TV
- C.
Both a & b
- D.
None of the above
Correct Answer
B. The commercial is aired on TVExplanation
The expense for the Tide T.V. commercial will be recognized/booked when the commercial is aired on TV. This is because the expense is incurred when the advertisement is actually shown to the target audience and reaches its intended purpose of promoting the product. Sending the invoice or any other administrative tasks related to the advertisement do not determine when the expense should be recognized.Rate this question:
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- 4.
These are expenses paid in cash and recorded as assets before they are used or consumed.
- A.
Purchase Orders
- B.
Prepayments
- C.
NRO
- D.
Liabilities
Correct Answer
B. PrepaymentsExplanation
Prepayments are expenses that are paid in cash before they are actually used or consumed. They are recorded as assets on the balance sheet because they represent future benefits that the company will receive. Once the expenses are used or consumed, they are then recognized as expenses on the income statement. Prepayments are often made for things like insurance premiums, rent, or subscriptions. By recording prepayments as assets, the company can accurately reflect its financial position and ensure that expenses are properly matched with the period in which they are incurred.Rate this question:
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- 5.
FOC/NRO are treated as reduction in Inventory through ______ Account and subsequently closed to an MSA Expense account
- A.
MSA Expense
- B.
Sales
- C.
Accrual
- D.
Free Goods Shipment
Correct Answer
D. Free Goods ShipmentExplanation
When FOC/NRO (Free of Charge/No Return Order) items are given to customers, they are considered as a reduction in inventory. This reduction is recorded through the Free Goods Shipment account. This account is used to track the value of the FOC/NRO items that are given to customers. After recording the reduction in inventory, the Free Goods Shipment account is closed to an MSA (Marketing and Sales Allowance) Expense account. This ensures that the cost of the FOC/NRO items is properly accounted for as an expense in the company's financial records.Rate this question:
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- 6.
_______ accruals REVERSE in the next fiscal year which result to CARRYOVER.
- A.
Quarterly
- B.
Year end
- C.
Monthly
- D.
Bi-monthly
Correct Answer
C. MonthlyExplanation
Monthly accruals reverse in the next fiscal year, resulting in carryover. This means that any accruals made on a monthly basis during the current fiscal year will be reversed or adjusted in the next fiscal year. This allows for a more accurate representation of expenses and liabilities in each fiscal year. Quarterly, year end, and bi-monthly accruals may also be used, but the given answer specifically states that monthly accruals reverse in the next fiscal year.Rate this question:
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- 7.
NROs are also know as samples that are ______.
- A.
Free of charge
- B.
Deducted from sales
- C.
Both a & b
- D.
None of the above
Correct Answer
A. Free of chargeExplanation
NROs, also known as samples, are provided free of charge. This means that they are not deducted from sales and are given to customers without any cost. Therefore, the correct answer is "free of charge".Rate this question:
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- 8.
When are Commitments created for an internal order?
- A.
Upon GR creation
- B.
Upon PO creation
- C.
Upon PR creation
- D.
Upon IR creation
Correct Answer
C. Upon PR creationExplanation
Commitments are created for an internal order upon PR (Purchase Requisition) creation. A purchase requisition is a document used to request the purchase of goods or services. When a PR is created for an internal order, it indicates that there is a need for a specific item or service for that order. Creating a commitment at this stage ensures that the necessary funds are reserved for the order and that the procurement process can proceed smoothly.Rate this question:
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- 9.
When are Actuals created for an internal order?
- A.
Upon GR creation
- B.
Upon PO creation
- C.
Upon PR creation
- D.
Upon IR creation
Correct Answer
A. Upon GR creationExplanation
Actuals are created for an internal order upon Goods Receipt (GR) creation. This means that when goods are received and recorded in the system against an internal order, the actuals for that order are created. This allows for accurate tracking of costs and expenses associated with the internal order. The creation of a Purchase Order (PO), Purchase Requisition (PR), or Invoice Receipt (IR) does not directly result in the creation of actuals for an internal order.Rate this question:
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- 10.
What is the table which identifies a GL account as Optima relevant or not?
- A.
ZFMSAIO_SID
- B.
ZFXXCESID_CC
- C.
ZKXXMSASRAP_VF
Correct Answer
B. ZFXXCESID_CCExplanation
The table ZFXXCESID_CC identifies a GL account as Optima relevant or not.Rate this question:
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- 11.
Which custom table records the Header Line item details for the Cross-charge Request?
- A.
ZFXX_MSERECLA_LG
- B.
ZFXX_MSERECLA_HD
- C.
ZFXX_MSA_RECURR
- D.
ZFXX_XCG_APPR_DT
Correct Answer
B. ZFXX_MSERECLA_HDExplanation
The custom table that records the Header Line item details for the Cross-charge Request is ZFXX_MSERECLA_HD.Rate this question:
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- 12.
What access is needed to access the MyCrosscharge tool?
- A.
ZXXMS01
- B.
ZXXSR22
- C.
ZXXSR26
Correct Answer
C. ZXXSR26Explanation
To access the MyCrosscharge tool, the access code needed is ZXXSR26.Rate this question:
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- 13.
Select the best answer why an accounting document with an Optima GL account was processed even without a Siebel ID in the Assignment field
- A.
Document type used was maintained in document type in table ZARDOC
- B.
GL account used was not maintained in ZFXXCESID_CC
- C.
Document type WE was used
- D.
All of the above
- E.
None of the aboveb
Correct Answer
D. All of the aboveExplanation
The given answer "All of the above" is correct because all of the mentioned conditions are possible reasons why an accounting document with an Optima GL account was processed without a Siebel ID in the Assignment field. The document type used being maintained in the ZARDOC table, the GL account used not being maintained in the ZFXXCESID_CC table, and the document type being WE are all valid explanations for the given scenario.Rate this question:
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- 14.
What is the Dummy Customer ID used for non-direct MSA CFS transactions?
- A.
9900000001
- B.
1234567890
- C.
1AMSADUMMY
Correct Answer
A. 9900000001Explanation
The Dummy Customer ID 9900000001 is used for non-direct MSA CFS transactions. This ID is likely a placeholder or default value that is used when a specific customer ID is not available or required for the transaction. It allows the system to process the transaction without a specific customer ID, ensuring that the transaction can still be completed successfully.Rate this question:
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- 15.
What program is used (and is needed to be executed in a background job) to extract MSA, SRAP and OIE data from GCF and CRM into COPA BW?
- A.
ZFXXI060
- B.
ZKXX_MSASRAP_COPA
- C.
ZFXXI055
- D.
ZFXX_COPA_BW
Correct Answer
B. ZKXX_MSASRAP_COPAExplanation
The program "ZKXX_MSASRAP_COPA" is used and needed to be executed in a background job to extract MSA, SRAP, and OIE data from GCF and CRM into COPA BW.Rate this question:
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Current Version
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May 01, 2023Quiz Edited by
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Aug 29, 2012Quiz Created by
Ardhernandez
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