ERP_II_Exam_One_Review_Spring_08

ERP_II_Exam_One_Review_Spring_08 - ERP II Exam One Review...

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ERP II Exam One Review Spring 08 Unit 3 FI and CO Know the difference between FI and CO with regard to goals and objectives and target audience. o Goals and objectives Fi-Financial accounting is designed to collect all of the data needed to support the preparation of financial statements for external users CO-Managerial accounting is designed to collect data for the preparation and analysis of reports for use by internal users Which one is for an internal audience?(target) o They both have an internal audience o Fi-Internal-Executives-Senior Management-Accountants-Administration Staff- Employees o CO-Executives-Senior Management-Department Managers-Controllers-Cost Accountants Which is for an external audience?(target) o Fi has an external audience-External-Legal Authorities-Banks-Auditors- Shareholders-Insurance-Taxing Authorities-Media-Financial Analysts Which one are you using in the FF project? o Org Structure: What is the relationship between General Ledger and the Chart of Accounts? o A Chart of Accounts contains a complete list of all of the accounts utilized in the General Ledger for a given company Understand the definition of Organizational Data (also called Organizational Structure) o A hierarchy in which the organizational units in an enterprise are arranged according to tasks and functions What are the FI org structures? Could you draw them? What two are optional?- company, credit control area Which one is optional, but used in FF? credit control area Why was it used in FF? because you can pick a variant of cca, not actually not use it o Client-company(opt)-company code then three from this are fiscal year variant, chart of accounts, credit control area(opt) Which FI org structure is the highest level? Client What is created at this level? Master records Which FI org structure is the smallest organizational unit for which accounting can be carried out? The company code Can two company codes in the same company have different fiscal years? Can one company code have more than one fiscal year variant? If you consolidate your company codes into one company then one fiscal year, if no consolidation then you will put on a different fiscal year 1
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What is the credit control area used for? An organizational unit or area of responsibility created to control customer credit limits Why use a business area? A unit in an enterprise that groups product and market combinations as homogeneously as possible for the purpose of developing unified business policy. Rules: What is a reconciliation account? General Ledger is automatically updated and remains in balance with the customer and vendor individual account totals, it is possible to create a balance sheet and a profit and loss statement at any time How do account groups and field status work together? Defines fields Which one determines which fields are entered and which one determines how the data will be entered? o
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ERP_II_Exam_One_Review_Spring_08 - ERP II Exam One Review...

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