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BIS 247s Chapter 3

___ is concerned with recording the financial impacts of business processes as they are executed.
Financial Accounting (FI)
Which of the following is a KEY process in financial accounting?
Accounts Receivable Accounting
Which process is used to manage money owed by customers for goods and services purchased from the company?
Accounts receivable accounting
Which process is concerned with recording data associated with bank statements?
Bank ledger accounting
____ are internal divisions of an enterprise that are used to define areas of responsibility or to meet the external requirements of an enterprise segment.
Business Areas
Which term refers to an ordered listing of accounts that comprise a company’s general ledger?
Chart of Accounts (COA)
Which term represents what a company owns, such as cash, inventory of materials, and buildings?
Assets
Which term represents what a company owes to others, including money owed to vendors and loans from financial institutions
Liabilities
Which term represents the monies a company earns by selling its products and services?
Revenue
Which term represents the costs associated with creating and selling products and services?
Expenses
Which element is not part of the typical company code data in general ledger accounts?
None of the above (tax related data, field status groups, line item display, reconciliation account data)
Which term is a general ledger account that consolidates data from a group of related sub-ledger accounts?
Reconciliation account
Which of the following records the impact of a transaction step on financial accounting?
Financial accounting document
Which of the following is used to implement multiple ledgers and use each ledger for different purposes?
Parallel Accounting
Which type of asset has a physical form?
Tangible asset
Which type of asset has a non-physical form?
Intangible Asset
Which of the following is used to report data needed to meet legal and regulatory requirements?
Financial statement
Balance sheet accounts are grouped into which of the following categories?
Assets, Liabilities, Equity
An organization can possess which of the following types of assets?
Tangible, Intangible, Financial
Tangible assets can include which of the following?
Computers, Production Machinery
What are the most common transaction types that occur during the life of an asset?
Acquisition, Depreciation, Retirement
What are the primary ways in which an asset can be acquired?
internally by production, externally by vendor
Which best describes the operative chart of accounts?
Used to enable companies to meet special country-specific reporting requirements (?)
Which is not a mode of acquiring an asset for a company
Selling Equipment, Acquiring without a vendor(?)
All transaction types that occur during the life of an asset except:
Allocation. ( These occur during the life of an asset: acquisition, depreciation,retirement.)
Financial statements can be generated from which of the following?
Both operative and country-specific COAs
Which of the following are common depreciation areas used in the US?
book depreciation, cost accounting depreciation, legal depreciation
Reporting in financial accounting is broadly divided into which of the following 2 categories?
Displaying account information, generating financial statements
From which of the following can financial statements be generated?
Operative chart of accounts, country specific chart of accounts
What is true about business area?
It is an internal division of an enterprise, it is used for external reporting, associated with SEVERAL company codes
Which are types of chart of accounts?
Operative COA, Country Specific COA, Group COA
What does COA data include?
Client segment, company code segment
The COA segment of the COA data includse which of the following?
Account number, account group, short text, long text
Which of the following does balance sheet include?
Assets & Liabilities
Profit & loss statement includes what?
Revenues & Expenses
Which of the statements about reconciliation accounts are true?
Reconciliation account for customers is accounts receivable, reconciliation account for vendors is accounts payable
Which of the statements regarding reconciliation accounts is not true?
None of the above (?)
Which attributes are present in the FI document items?
Amount, Posting Key
Which attributes are present in the FI documents header?
Document type, posting date, currency
Which of the following statements concerning the leading ledger are true?
All transaction data are posted to it, global accounting principles are consolidated into it
A cost center :
is associated with a location where costs are incurred, absorbs costs , can be associated with a department

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