Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

SAP > CHART OF ACCOUNTS > Flashcards

CHART OF ACCOUNTS Flashcards

1
Q

A financial organizational tool that provides a complete listing of every accounts

A

Chart of Accounts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Color Black in SAP Chart

A

Active Account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

An ___ is a unique record for each type of asset, liability, equity, revenue, and expenses.

A

Account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The ___accounts reflect the monitory value of the company (stock, assets, debt.)

A

Balance Sheet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Color Blue in SAP Chart

A

Title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Chart of Accounts of SAP can be viewed and managed through ___

A

Financials

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

___ account has to be cleared at the end of each fiscal year. R

A

Income Statement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Color GREEN in SAP Chart

A

Control Account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Only big companies use chart of accounts

A

False

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What module where we can see subsidiary ledgers?

A

Business Partners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Cash on Hand

A

Balance Sheet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Sales

A

Income Statement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Repairs/Maintenance

A

Income Statement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Accounts Payable

A

Balance Sheet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Accounts Receivable

A

Balance Sheet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Service Vehicle

A

Balance Sheet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Owner’s Withdrawal

A

Temporary/Nominal
Balance Sheet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Service Revenue

A

Income Statement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Interest Income

A

Income Statement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Taxes and Licenses

A

Income Statement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Joe, a business owner, the EXPENSES SHOULD NOT BE REFLECTED IN FINANCIAL STATEMENTS of his business.

A

Economic Entity /Separate Entity Principle

22
Q

___ is the concept that a business will remain operation for the FORESEEABLE FUTURE

A

Going Concern Principle

23
Q

__ is the concept of transaction that BUSINESS SHOULD BE KEPT SEPARATE FROM ITS OWNER’s other busineses

A

Economic Entity
Separate Entity Principle

24
Q

__ is a concept that business SHOULD ONLY RECORD TRANSACTIONS that can be stated in TERMS OF UNIT OF CURRENCY

A

Monetary Unit Principle

25
Q

__ is the concept that you should include in or alongside the financial statements of a business all of the information that may impact the reader’s understanding of those financial statements.

A

Full Disclosure Principle

26
Q

Assets = ___ + ____

A

Liability + Equity

27
Q

The ___ display at the top of the screen.

A

Menu Bar

28
Q

The ___ is a collection of icon buttons

A

Toolbar

29
Q

Navigation in SAP Business One is done using

A

Module Menu/Bar

30
Q

The users of SAP Business One are defined in

A

User Set-up Window

31
Q

Accessing SAP is done using

A

Web-Browser

32
Q

Business management software

A

ERP

33
Q

Also known as Internal Cloud
Single organization

A

Private Cloud

34
Q

External Cloud
Third Party Servers

A

Public Cloud

35
Q

Key feature of cloud computing where resources can be access everywhere

A

Location Independence

36
Q

Place where SAP was founded in 1972

A

Walldorf
Baden-Wurttemberg
Germany

37
Q

A systematic process of identifying, recording, measuring, classifying, verifying, summarizing

A

Accounting

38
Q

The Father of Accounting

A

Luca Pacioli

39
Q

Organization that uses economic resources or inputs to provide goods or services to customers

A

Business Entity

40
Q

The fundamental concept underlying present day bookkeeping and accounting.

A

Double Entry Bookkeeping

41
Q

Transactions should be recorded in the accounting periods when they actually occur, rather than in the periods when there are cash flows associated with them.

A

Accrual Principle

42
Q

According to this concept, REVENUE and EXPENSES exhibiting cause and effect relationship should be recognize in the same accounting period.

A

Matching Principle

43
Q

The business is separate from the owners, managers, employees operating the business

A

Economic Entity
Separate Entity Principle

44
Q

A type of business organizations that sells industry or labor as a main source of income

A

Service Business

45
Q

It is the desire to exercise care and caution when dealing with uncertainties in making estimates or measument

A

Prudence

46
Q

A company prepares financial report EVERY YEAR for the benefit of its stockholders

A

Time Period Principle

47
Q

Basic Accounting Principle that Credit sales are recorded by a company as revenues even though no cash is received.

A

Accrual Principle

48
Q

Basic Accounting Principle that is also known as CONSERVATISM

A

Prudence

49
Q

This is the concept that you should record a transaction in the accounting records if not doing so might have altered the decision making process of someone reading the company’s financial statements.

A

Materiality Principle

50
Q

allow you to set up income and expense accounts, such as rental or sales income, salaries, advertising expenses, and material costs.

A

Computerized Accounting System

51
Q

reflect the changes in the company value, such as: sell stock –
cost of goods sold, increase revenues.

A

Profit and Loss Accounts

SAP (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions