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FICO Sample Questions 2
FICO Sample Questions 2
Clearing
a) All open item accounts are cleared automatically by running the automatic account clearing program
b) The open item indicator in the customer/ vendor master record must be activated in order to clear
customer/ vendor open items
c) The open item indicator along with the line item display indicator is usually activated in the balance
sheet clearing and profit and loss accounts
d) Accounts that are not automatically cleared can be cleared manually using the account clear
function
e) A clearing document contains the line items to be cleared
Payments
a) Payments from customers are usually processed using the automatic payment program
b) Customizing the automatic payment program includes defining payment methods by country as well
as by company code
c) Partial payments clear the open items and cause residual items to be posted back to the account
d) Line items that are created when charging off the difference back to a vendor’s account, have
reference to the original document that is being short paid
e) A document which is selected in the payment run, can be reallocated to a different payment method
and house bank
a) All vendor line items can be paid, as long as there is a reference to the house bank in the vendor
master record
b) Every general ledger account that is linked to a house bank, must be maintained in the currency of
the bank account
c) Specific programs linked with specific variants are used to create various types of payment media
d) Cheques (checks) that are not used are automatically voided by the system
e) All vendors must be assigned to a payment procedure in the master record in order to generate
payments from the automatic payment program
Dunning
a) A dunning procedure must be assigned to the customer master record in order to dun the customer
for late payments
b) Customers are only dunned according to the settings in the dunning procedure, which include the
frequency, whether or not line items are printed with every letter that is issued, and how many grace
days the system will accept before issuing a dunning letter
c) Dunning charges are levied on the customer’s account, and are reflected as a separate line item on
the dunning letter
d) Interest can also be levied on the customer’s account according to the interest indicator in the
customer master record
e) The master record of the customer is updated with the dunning level according to the highest
dunned document in the customer account
f) Customers can be blocked from dunning by entering a dunning block key in the customer master
record
Financial Closing
a) All reports must be executed using set variants, or user defined variants
b) The GR/IR account is a clearing account that must be maintained regularly by clearing open items
c) The balance carried forward program carries the balances of the accounts forward into the new
posting period
d) The reconciliation ledger allows you to automatically reconcile the financial accounting and
controlling modules
e) Assets under construction are settled periodically to fixed assets
f) Accrual documents are automatically reversed on the first day of the following period