CHAPTER 5 PRESSBOOK UPDATED QUESTIONS AND ANSWER1

CHAPTER 5 PRESSBOOK UPDATED QUESTIONS AND ANSWERS
1. Why might you define options to have manually allocated item keys for the financial statement
version?



A. To be able to assign the same key to two multiple objects



B. To be able to enter an explanatory text for the item key



C. To be able to define if you want to summarize at the item level



D. To be able to assign functional areas to the items - CORRECT ANSWER✅✅✅B. To be able to enter
an explanatory text for the item key



2. True or False: You can define the financial statement version without assigning a specific chart of
accounts to it.



A. True



B. False - CORRECT ANSWER✅✅✅A. True



3. Which of the following are default items assigned to every financial statement version? (There are
three correct answers.)



A. Liabilities and equity



B. Profit and loss results



C. Liquid funds



D. Assets

, E. Noted items - CORRECT ANSWER✅✅✅A. Liabilities and equity



B. Profit and loss results



D. Assets



4. True or False: You can assign general ledger accounts to any item level in the financial statement
version hierarchy.



A. True



B. False - CORRECT ANSWER✅✅✅B. False



5. What kind of automated checks are available for the financial statement version? (There are two
correct answers.)



A. Check for duplicate item keys



B. Check for accounts assigned to one side only



C. Check the financial statement notes for non-noted item accounts



D. Check for incorrectly assigned accounts - CORRECT ANSWER✅✅✅B. Check for accounts assigned
to one side only



D. Check for incorrectly assigned accounts



6. Which object hierarchies can you maintain with the Manage Global Accounting Hierarchy app? (There
are three correct answers.)