Exam (elaborations)
BPI Quiz 1 questions and answers verified 2024
- Course
- Institution
BPI Quiz 1 questions and answers verified 2024
[Show more]
Content preview
BPI Quiz 1Define Company code - correct answer ✔you establish a new company (or
in real life a GBI legal entity) located in the US. this company is represented in
SAP by a "company code
importance of a company code - correct answer ✔-the new company code is
the basis of financial accounting and will eventually include the GL and sub-
GLs.
-it will serve as the source for US tax and legal entity reporting.
-your company code is assigned to exactly one country (US), on base
currency (USD), and one language (ENG)
-all your future work (configuration and testing) will be done in your company
code
Define Business Area - correct answer ✔Financial statements for your
Company Code are structured based on Business Areas. Large firms - with
diversified products - have more than one Business Area, but GBI operates
with only one Business Area (## Bikes)
In a later step, you will associate this Business Area with GBI's Plants and
Divisions to allow meaningful financial statements for each Business Area.
Define Empty Chart of Accounts - correct answer ✔(eventually be associated
with your Company Code) In later steps you will populate this empty Chart of
Accounts with actual General Ledger account numbers, names, and control
information.
Maintaining Control Area - correct answer ✔(this will eventually be
associated with your Company Code) a Mgmt Accting entity that rolls up all
Cost Accting data from a Company Code.
, Larger firms can roll up many Company Codes into one Controlling Area. This
allows firm management to have one view of Cost Accounting data across
multiple legal entities.
Define Credit Control Area - correct answer ✔(eventually associated with
your company code) the organizational unit that manages the firm's
customers' credit limits
-larger firms can roll up many company codes into one credit control area. this
allows the firm to manage a global customer's credit across geographic
boundaries
Define Variants for Open Posting Period - correct answer ✔(this will
eventually be associated with your Company Code) This Variant identifies the
General Ledger posting periods that can be used during a fiscal year.
In this step, you create an empty Variant (GL##). In a later step you will define
this Variant to include 13 posting periods per fiscal year.
Define Field Status Variants - correct answer ✔You will copy and rename a
Field Status Variant and its related Field Status Groups from Company Code
US00. In a later step, you will associate this Field Status Variant (GL##) with
your Company Code.
Your Field Status Groups (Expense Account, Balance Sheet Account, etc.)
guide the user experience during General Ledger document entry. (ex) the
Field Status Group determines which fields are required, which fields are
optional, and which fields are hidden during General Ledger document entry.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LEWISSHAWN55. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now