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FINANCIAL STATEMENTS

1. What are financial statements versions?

Pg 309 of 50_2. FS versions are different versions of financial statements which are created to

meet various criteria or uses eg. Internal audit version, external audit version, external user

version. Hierarchical arrangement of G/L accounts. The accounts can be arranged in accordancewith the legal regulations used to generate your financial statements. Alternatively, you can

arrange the accounts in accordance with your requirements.

In the General Ledger Accounting component (FI-GL) you can set up the financial statements in variousways according to your own specific requirements.

You can create them for different organizational units, for example, the corporate group, acompany code or a business area.

You can create them in different languages, for example, in the local language used at asubsidiary (company code) or in the language of the corporate group.

You can create the balance sheet in any currency you like or according to a specific currency

type. This may be necessary if you want to create a consolidated balance sheet for a group ofcompany codes with different local currencies or if you record transactions in other additionalcurrencies in addition to the company code currency.

You can choose between different types of balance sheet, for example, an opening balance sheetor a closing balance sheet.

You can vary the level of detail of your financial statements. For your accounting department, forexample, you want to list the individual accounts with their respective balances. For seniormanagement, you might want to summarize this information to create a single balance sheet forthe whole group.

You make all other specifications using the selection criteria and parameters in the financial statementprogram. You can define several financial statement versions. This may be necessary if you want togenerate the financial statements using different formats. You may want to have different balance sheet

formats set up according to various criteria for commercial purposes, for tax purposes and for internalpurposes.

The standard system is delivered with predefined financial statement versions. You can copy these ormodify them for your own versions. You also need a financial statement version for the followingfunctions, programs, and reports:

G/L Account information system

Structured balance list

Planning on G/L accounts

2. What are the main features of financial statement versions?

The financialstatement versionforms the basis for creating financial statements. Using the financialstatement version, you specify:

Which items are to be included in the financial statements and the sequence in which these itemsare listed in the statements

The item texts and the language in which they should be printed

The charts of accounts and the individual accounts that are relevant to the financial statements.Accounts can be assigned to financial statement items according to the account balance


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The totals that are to be presented in the statements (you can display group totals or graduatedtotals).

3. What can you determine when configuring the report format of financial statement versions?

You define a financial statement version as follows:

A. First, you make the general specifications for your financial statement version. When defining afinancial statement version, you need to make the following specifications.

Name of the financial statement version

Language - Specify the language in which the version is to be created and maintained(maintenance language).

Automatic item key assignment - This indicator specifies whether the keys for the financialstatement items are assigned automatically by the system or whether you can enter themmanually.

Chart of accounts

For each financial statement version, you can specify whether you are defining the version forone particular chart of accounts, for several charts, or for a group chart of accounts.

If you want to use a financial statement version for only one particular chart of accounts, youcan specify the desired chart of accounts when defining the version. It is then not possible tospecify the chart of accounts when you assign the accounts to the financial statement items (inputfacilities).

If you want to define a financial statement version for different charts of accounts, you can

choose between assigning the chart of accounts to each individual account or using the groupaccount number.

B. Then you specify the structure/ hierarchy of the version by defining the financial statement items.You must also assign accounts. If you are creating a new version, the system automaticallycreates a separate item for the following special items in the structure:

o Assetso Liabilitieso Net result: Profito Net result: Losso P&L resulto Not assigned

4. Identify the steps involved when defining financial statement versions

The typical procedure for creating a financial statement version is as follows:

Define the structure, that is, the hierarchy of items.


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Specify the texts and totals to be displayed for each item. After defining the hierarchy, you enterthe text for each item that you want to be printed in the financial statements, and specify the totalsthat should be displayed.

Assign one or more account intervals to the lowest items in the hierarchy.

RECEIVABLES AND PAYABLES

5. Identify the legal requirements of customer closing activities

send Balance confirmations and evaulate response

Valuate foreign currencies

Value Adjustments

regrouping of receivables and payables

6. Identify the technical or organizational requirements of customer closing activities

the balance carry forward program is run, carrying forward the balances of the

customer accounts to the next fiscal year. The posting periods of the old fiscal year are blocked

the special periods for closing postings are opened.

A technical reconciliation for documents, transaction figures and affiliated

companies guarantees that the postingof documents is technically problem-free.

Closing of special periods

7. Identify the main features of Balance confirmations

The program for creating balance confirmations automatically creates balance

confirmations (including reply slips) for a freely definable number of customers and

vendors, as well as a reconciliation list and a results table.

The balance confirmations and reply slips are sent to the customers or vendors and the

lists forwarded to a control center.

The customers or vendors check the balance information they receive and send their

reply to the control center.

8. Identify the steps in Customizing of balance confirmations

Define form names for printing correspondence

Define sender details for correspondence form

Define reply addresses for balance confirmation

Specify selection criteria for balance confirmation

Prepare balance confirmation for customers/vendors

9. List the three procedures available for balance confirmations


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10.What is a foreign currency valuation?

Foreign currency open items and balance sheet accounts must be valuated on the basis of variousbusiness-related and legal criteria. Items are valuated in local currency

A foreign currency valuation is necessary if vendor accounts contain open items in a foreign currency.The amounts of these open items were translated into the local currency at the time they were entered usingthe current exchange rate

11. Identify the accounts and items included in the included in the foreign currency valuation

Foreign currency balance sheet accounts, that is, G/L accounts that you manage in a foreign currency(the balances of the G/L accounts in foreign currency are valuated)

Open items (customers, vendors, G/L accounts) posted in foreign currency(the line items are valuated)

12. Identify the prerequisites for foreign currency valuation

13.What are the requirements of foreign currency valuation using the Ledger Approach?

14.Define value adjustments

15.What options are available for creating value adjustments for receivables?

16.What are the main features of Individual value adjustment for doubtful receivables?

17.What is Flat-rate Individual value Adjustment of Overdue receivables?

18. Identify the main features of Flat-rate Individual value Adjustment of Overdue receivables

19. In point form , explain how you can achieve an automatic flat-rate rate Individual valueAdjustment of Overdue receivables

20.What is Regrouping?

21.List the main features of regrouping

22.List the main functions of the report FAGL_CL_REGROUP with regards to regrouping and

sorting of receivables and payables


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ACCRUALS AND DEFERRALS

23.Differentiate between Accruals and Deferrals

24.What is the Accrual Engine used for?

25.List the two types of data stored by the Accrual Engine

26.List the two main processes triggered from the application component of the accrual engine

27. Identify the advantages of the Accrual Engine

28.List the Customizing activities to be carried out to activate an application component of the

Accrual Engine

29. Identify the closing activities of the Accrual Engine

30.List the main features of posting deferrals

31.List the objects or features for which the Posting Control is defined for the Accrual Engine

32. Identify the purpose of account determination task of the Accrual Engine

33.What does the Accrual Engine support for parallel accounting?

34.What do derivation rule for determining accounts consist of?

TECHNICAL, ORGANIZATIONAL, AND DOCUMENTARY STEPS

35. Identify the following with regards General Ledger Closing Operations;

Legal activities

Technical or organizational activities

36.Define balance audit trail

37. Identify the reasons for balance audit trail

38. Identify the existing functions in the SAP system (as of Release SAP ERP 2004) to create a

segment balance sheet.

39.List the assumptions for document splitting

40. Identify the main features of Real - Time Integration from CO-FI

41.List the processes or transactions in which changes resulted due to the Real-time integration

from CO-FI

42.List the processes or features you can configure using a Customizing variant for real-time

integration

CLOSING COCKPIT

43.List the advantages of the closing cockpit

44.What options does the Closing Cockpit offer to support the closing activities?

45. Identify the features of the organizational hierarchy in the closing procedure of the closing

cockpit


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46.List the task types in the closing cockpit

47.With regards to the List Display, what information is shown in the detailed view for a task?

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