Answer each question either T for true or F for false in the table below #1 #2 #3 #4 #5 #6 #7 #8 #9 #10 A chart of accounts on SAP has two components on its master data: Data at the client level that is common to all, and data at the company code level unique for each company code. The concept of assets class within SAP asset management group assets master records that have similar characteristics such is computer equipment or machinery. A cost center is associated with a location where cost are incurred within an enterprise such as functional departments. SAP FI is concerned with recording the financial impacts of business processes as they are executed. An accounting document has two elements: header data such us date, currency and line items data such us account and amount. The purpose of the account group within the chart of accounts is to separate accounts that have similar characteristics. An accounting document is a master data example that records the impact of a transaction step on SAP FI. The elements of the SAP chart of accounts at the client level are: account number, long and short text, account group and the identification of balance sheet or income statement account. Depreciation is the increase of asset value over a period of time. All companies within an enterprise must use the same chart of accounts to facilitate its financial consolidation.
Answer(3)- True, A cost center is a department where the cost is incurred. For example- R&D depatment, Marketing department, IT and Accounts department.
Answer(4) True, Yes FI is Financial Accounting and it is concerned with recording the financial impact of business process as they are executed.
Answer(9)- False, Depreciation is “a decrease in asset’s value over a period of time”
Answer(10)- True, Yes, there should be uniformity in the chart of accounts to facilitate its financial consolidation.