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FAIS 3 > SAP Key Terms > Flashcards

SAP Key Terms Flashcards

0
Q

Client

A

Highest organizational unit for a business

It is the database for GBI

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1
Q

Enterprise Core Component (ECC)

A

From purchasing, to sales, to accounting

All transactions involved in a business enterprise

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2
Q

Company code

A

General ledger and accounting database

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3
Q

Cost center

A

Tracks expenses and compares to the budget

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4
Q

Transaction Code (T-Code)

A

Shortcut to begin function in one step

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5
Q

Menu Mapping

A

Navigating SAP menu to find desired transaction

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6
Q

Drill Down

A

Double-clicking a summary number on the ledger, allowing you to access underlying data

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7
Q

Asset Master

A

Repository of permanent data associated with a particular fixed
asset

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8
Q

Asset Class

A

Refers to the broad category of an asset, such as land, building
And equipment

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9
Q

Asset Explorer

A

Summary report of a purchased fixed asset providing info on

Purchase price, vender and depreciation

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10
Q

Q6: What does ODep Start stand for:

A

Depreciation calculation start date

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11
Q

What does a debit balance in GR/IR (goods received/invoice received mean?

2) credit in GR/IR?

A

Received bill but no goods

2) received goods but no bill

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12
Q

Execute

A

Clock symbol

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13
Q

Vendor

A

Company you buy materials from

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14
Q

Material master

A

Repository of permanent data associated with product that you are planning to sell

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15
Q

Key process steps in purchasing 5

A 
1 Purchase requisition
2 purchase order
3 goods receipt
4 invoice receipt
5 GR/IR Account
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16
Q

Purchase Requisition

A

Source document that indicates need to purchase materials

Begins the purchasing cycle

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17
Q

Reorder point

A

Purchase requisition triggered when inventory falls to a critical
Level

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18
Q

Purchase requisition: although there is no accounting entires, this is a pre step in setting up…

A

Internal controls in the purchase process

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19
Q

What is a purchase requisition an important record for?

A

Audit trail

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20
Q

Purchase order

A

Document based on purchase requisition that specifies items
Ordered from vendor or supplier

Authorizes purchase process and acts as contract btw/buyer
And vendor

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21
Q

Purchase order: although there are no accounting entries, this document is critical as…

A

Evidence of purchase being authorized and executed

22
Q

What does the purchase order document provide access to?

A

All accounting and control reports

23
Q

Goods receipt

A

Term from inventory management denoting a physical inward
Movement of goods or materials

Indicates goods have been received

24
Q

Goods receipt indicates goods have been received and triggers…

A

An automatic entry which debits the inventory account and

Credits GR/IR account

25
Q

The goods receipt provides the most important record of…

A

Legal transaction having occurred through substantial performance
Of the delivery

26
Q

Invoice receipt

A 
Term from invoice verification describing receipt of invoice issued
By vendor (creditor)
27
Q

What should the invoice receipt be compared with? Why?

A

Should be compared with purchase order and goods received

To verify that the goods order was received with quantity ordered

28
Q

What does the invoice receipt trigger?

A

An automatic entry to post the bill to payable account:

Debit GR/IR and credit sub ledger payable account

29
Q

When does the invoice receipt usually occur?

A

After the delivery of goods

Should be executed close to goods receipt as possible

30
Q

GR/IR Account

A

Concept predominately used under IFRS as clearing account

Between the receipt of goods and receipt of invoice

31
Q

What does a 0 balance in the GR/IR account indicate?

A

All invoices have been received for corresponding goods

32
Q

Sales quotation

A

Customer calls and wants to know if the product is available and
How much you sell for it

No accounting entry done at this time

33
Q

Sales order

A

Document based on quotation that specifies items that you are
Going to sell to your customer

No accounting entry done at this time

34
Q

What does the sales order do?

A

It authorizes the sales process

And becomes the principal document (contract) between buyer
And seller

35
Q

Transfer order

A

Authorizes movement (shipment) of product

No accounting entry done at this time

36
Q

Picking

A

Transfers good from the storage location to the shipping dock

no accounting entry done at this time

37
Q

Post Goods Issued

A

Critical step that indicates that the goods have been shipped and a sale has taken place

38
Q

Post Goods Issued, how does it occur?

A

This is the first point where a transaction entry is put on the ledger

39
Q

2 Functions of Post Goods Issued

A

1) reduces the inventory amount on the ledger

2) reflects cost of goods sold for the value of the inventory

40
Q

Billing

A

An invoice is sent to the customer for the value of the goods that were shipped

41
Q

how is Billing recorded?

A

actual sale is recorded with a debit to the sub-ledger accounts receivable account

and credit to sales revenue

42
Q

Cash Receipts, define

2) How is it recorded?

A

Money received from the customer.

2) the cash account will be debited and the sub-ledger accounts receivable account is credited.

43
Q

Segregation of duties

A

responsibility of custody of assets should be separate from record keeping and from authorization.

ex. agent who authorizes a sale should not have control over the assets being delivered to a customer/should not have access to accounting records.

44
Q

Performance

A

there should be adequate supervision to ensure that there is monitoring of the processes

45
Q

Performance 3 examples

A

1 does a manager have the ability to access a report on what is happening with a particular customer with regard to

2 has the product been shipped

3 has the customer been invoiced.

46
Q

authorization

A

does the system have the ability to track authorizations

ex. is the sale with an approved customer at an approved price.

47
Q

records

A

accounting records should capture the economic essence of transactions

and provide an audit trail of economic events

48
Q

records, example

A

can an accounting manager access entries made in the sales process.

49
Q

check up on performance AKA independent verification

A

done to ensure the integrity of the accounting system

and the correctness of data contained in accounting records.

ex. managers should review accounting reports daily

50
Q

Limited Access, 3 with example

A

most pervasive of controls in that user name and password

should limit the access to the sales process and accounting records

ex. you don’t want someone creating bogus sales and transaction documents

51
Q

evaluate

A

system should be evaluated on a regular basis

52
Q

evaluate: It is currently a requirement of financial reporting that prior to an audit, the system must be assessed for…

A

any risks that exist in the breakdown of the internal control framework

FAIS 3 (17 decks)

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