Adaface Sample SAP FICO Questions

In SAP FICO, a company has implemented strict controls over financial period closures and audit trails. The company's fiscal year ends on December 31st. On January 5th, an attempt is made to post a vendor invoice dated December 29th of the previous year. The system settings are configured to allow postings only to the current and the immediately preceding month. What will happen and how should the financial data be managed in this scenario?

A: The system allows the posting; the invoice is recorded in December of the previous year.
            B: The system rejects the posting; the invoice must be recorded in January of the current year.
            C: The system allows the posting with a special period indicator, and the invoice is recorded in December of the previous year.
            D: The system allows the posting with an error message, but the transaction is flagged for audit review.
            E: The system allows the posting; the invoice is recorded in January of the current year with a backdate to December.

A U.S.-based company using SAP FICO is preparing its financial statements at year-end. The company holds several foreign currency bank accounts, and there have been significant fluctuations in exchange rates over the year. The company's policy is to adjust the value of these accounts to reflect current exchange rates at the end of the fiscal year. Assume the exchange rate movement during the year resulted in a loss. In the SAP system, which of the following steps is correct for reflecting these changes in the financial statements?

A: Run the Foreign Currency Valuation for each account using transaction code F.05 and post the difference to a realized gain or loss account.
            B: Manually adjust the balance of each foreign currency account in the General Ledger to reflect the new exchange rate.
            C: Use transaction code FB50 to enter adjustment entries directly, bypassing the automated SAP processes.
            D: Generate a Balance Sheet Adjustment report and manually update the figures in the financial statements.
            E: Use the Automatic Account Determination feature to automatically adjust all foreign currency balances.
            F: Ignore the exchange rate fluctuations, as they do not affect the cash basis of accounting.

In an SAP FICO system, a company wants to integrate its asset accounting with the general ledger. The purchase of a new machine is recorded in asset accounting with an acquisition value of 50,000 EUR and is subject to a 20% input tax. This transaction needs to be correctly reflected in the financial statements. How should this transaction be posted in the SAP system to ensure accurate reflection in the financial ledger?

A: Dr. Machinery account 50,000 EUR, Cr. Cash/Bank 50,000 EUR
            B: Dr. Machinery account 60,000 EUR, Cr. Cash/Bank 50,000 EUR, Cr. Input Tax 10,000 EUR
            C: Dr. Machinery account 40,000 EUR, Cr. Cash/Bank 50,000 EUR, Dr. Input Tax 10,000 EUR
            D: Dr. Machinery account 60,000 EUR, Cr. Cash/Bank 60,000 EUR
            E: Dr. Machinery account 50,000 EUR, Cr. Cash/Bank 60,000 EUR