CHART OF ACCOUNTS

Question 1

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

Answer 1

Chart of Accounts

Question 2

Color Black in SAP Chart

Answer 2

Active Account

Question 3

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

Answer 3

Account

Question 4

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

Answer 4

Balance Sheet

Question 5

Color Blue in SAP Chart

Answer 5

Title

Question 6

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

Answer 6

Financials

Question 7

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

Answer 7

Income Statement

Question 8

Color GREEN in SAP Chart

Answer 8

Control Account

Question 9

Only big companies use chart of accounts

Answer 9

False

Question 10

What module where we can see subsidiary ledgers?

Answer 10

Business Partners

Question 11

Cash on Hand

Answer 11

Balance Sheet

Question 12

Sales

Answer 12

Income Statement

Question 13

Repairs/Maintenance

Answer 13

Income Statement

Question 14

Accounts Payable

Answer 14

Balance Sheet

Question 15

Accounts Receivable

Answer 15

Balance Sheet

Question 16

Service Vehicle

Answer 16

Balance Sheet

Question 17

Owner’s Withdrawal

Answer 17

Temporary/Nominal
Balance Sheet

Question 18

Service Revenue

Answer 18

Income Statement

Question 19

Interest Income

Answer 19

Income Statement

Question 20

Taxes and Licenses

Answer 20

Income Statement

Question 21

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

Answer 21

Economic Entity /Separate Entity Principle

Question 22

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

Answer 22

Going Concern Principle

Question 23

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

Answer 23

Economic Entity
Separate Entity Principle

Question 24

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

Answer 24

Monetary Unit Principle

Question 25

__ 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.

Answer 25

Full Disclosure Principle

Question 26

Assets = ___ + ____

Answer 26

Liability + Equity

Question 27

The ___ display at the top of the screen.

Answer 27

Menu Bar

Question 28

The ___ is a collection of icon buttons

Answer 28

Toolbar

Question 29

Navigation in SAP Business One is done using

Answer 29

Module Menu/Bar

Question 30

The users of SAP Business One are defined in

Answer 30

User Set-up Window

Question 31

Accessing SAP is done using

Answer 31

Web-Browser

Question 32

Business management software

Answer 32

ERP

Question 33

Also known as Internal Cloud Single organization

Answer 33

Private Cloud

Question 34

External Cloud Third Party Servers

Answer 34

Public Cloud

Question 35

Key feature of cloud computing where resources can be access everywhere

Answer 35

Location Independence

Question 36

Place where SAP was founded in 1972

Answer 36

Walldorf Baden-Wurttemberg Germany

Question 37

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

Answer 37

Accounting

Question 38

The Father of Accounting

Answer 38

Luca Pacioli

Question 39

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

Answer 39

Business Entity

Question 40

The fundamental concept underlying present day bookkeeping and accounting.

Answer 40

Double Entry Bookkeeping

Question 41

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.

Answer 41

Accrual Principle

Question 42

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

Answer 42

Matching Principle

Question 43

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

Answer 43

Economic Entity Separate Entity Principle

Question 44

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

Answer 44

Service Business

Question 45

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

Answer 45

Prudence

Question 46

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

Answer 46

Time Period Principle

Question 47

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

Answer 47

Accrual Principle

Question 48

Basic Accounting Principle that is also known as CONSERVATISM

Answer 48

Prudence

Question 49

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.

Answer 49

Materiality Principle

Question 50

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

Answer 50

Computerized Accounting System

Question 51

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

Answer 51

Profit and Loss Accounts