SAP Business One Certification Exam Practice Test #2
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Welcome to SAP Business One Certification Exam Practice Test #2. Developed by the German company SAP SE, SAP Business One is business management software designed for smaller companies and enterprises, which automates key business functions in financials, operations, and human resources. What do you know about it?
- 1.
If you try to deposit an amount in bank from your cash register greater than the account balance, the system will block you.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
If you try to deposit an amount in the bank from your cash register that is greater than the account balance, the system will block you. This means that the bank's system has a mechanism in place to prevent individuals from depositing more money than they actually have in their account. This is a measure taken by the bank to ensure that customers do not accidentally or intentionally overdraw their accounts and incur fees or penalties.Rate this question:
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- 2.
What are True to Bank Statement Processing.
- A.
Posting of external reconcillation of bank debits and credits
- B.
Creating, posting and internal reconciliation of Business partner incoming and outgoing payments made by direct debit or bank transfer and already entered in SAP B1
- C.
Posting and internal reconciliation of interim account used in payment with payment means of bank transfer.
- D.
External reconciliation of transaction that is not already posted in SAP B1.
Correct Answer(s)
A. Posting of external reconcillation of bank debits and credits
C. Posting and internal reconciliation of interim account used in payment with payment means of bank transfer.Explanation
B. And not already entered in SAP B1. D. That is already posted in SAP B1Rate this question:
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- 3.
At the end of the fiscal year the balances of asset will be displayed on the active side and balances of liability account and equity account on the passive side. True or False?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
At the end of the fiscal year, the balances of assets are typically displayed on the active side of the balance sheet. This is because assets represent the resources owned by the company, such as cash, inventory, and property. On the other hand, the balances of liability accounts and equity accounts are displayed on the passive side of the balance sheet. Liabilities represent the company's obligations or debts, while equity represents the ownership interest in the company. Therefore, it is true that the balances of asset accounts are displayed on the active side, and the balances of liability and equity accounts are displayed on the passive side of the balance sheet at the end of the fiscal year.Rate this question:
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- 4.
After the end of the fiscal year the balances of the expense account will be subtracted from the balances of the liability account to come up with the profit and loss account True or False?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Balances of Expenses account subtracted from balances of Revenue account...Rate this question:
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- 5.
What are True to Account Currency
- A.
If you enter the Local currency in the currency field. You can enter the line items in local currency and the system manages the account balance in the local currency and the system currency in parallel.
- B.
If you enter any specific Foreign currency in the currency field. You can enter the line items in the specified foreign currency or local currency. The system manages the account balance only in the specified foreign currency and local currency.
- C.
If you enter multi- currency in the currency field. You can enter the line items in any currency. The system manages the account balance only in the system currency and local currency.
- D.
For multi-currency account account you can conduct external bank reconciliation in the local currency.
- E.
At any point you can change multi-currency account to a particular currency account.
Correct Answer(s)
A. If you enter the Local currency in the currency field. You can enter the line items in local currency and the system manages the account balance in the local currency and the system currency in parallel.
C. If you enter multi- currency in the currency field. You can enter the line items in any currency. The system manages the account balance only in the system currency and local currency.
D. For multi-currency account account you can conduct external bank reconciliation in the local currency.Explanation
B. The system manage account balance in foreign,local and system currency. E. At any point you can change an account currency to be multi-currency but you will not be able to change it back once you update.Rate this question:
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- 6.
The Inventory turn ratio is a metric determining inventory usage:
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The inventory turn ratio is a metric that measures how efficiently a company is using its inventory. It calculates the number of times inventory is sold and replaced within a specific time period. A high inventory turn ratio indicates that inventory is being sold quickly, which is beneficial for cash flow and profitability. Therefore, it is true that the inventory turn ratio is a metric determining inventory usage.Rate this question:
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- 7.
The system does not need any suspense account for incoming credit card payment, incoming cheque, and bank transfer.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because the system does need a suspense account for incoming credit card payment, incoming cheque, and bank transfer. A suspense account is used to temporarily hold transactions that cannot be immediately identified or allocated to a specific account. In the case of incoming payments and transfers, there may be a delay or uncertainty in identifying the correct account to allocate the funds to, hence the need for a suspense account.Rate this question:
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- 8.
For the assembly BOM, the finished product appears in the sales order document.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
In an assembly BOM (Bill of Materials), the finished product is included in the sales order document. This means that when a sales order is placed, the complete assembly is listed as the product that will be delivered to the customer. This is true because the assembly BOM includes all the individual components and subassemblies required to create the finished product, and it is important to have a clear record of what will be shipped to the customer.Rate this question:
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Current Version
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Jul 16, 2024Quiz Edited by
ProProfs Editorial Team -
Sep 18, 2009Quiz Created by
Niladri_harichan
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