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Openbravo University Online BFT - Sept 6th 2010 Week43_Financial Management Quizzes

Quiz 1
Top of Form
Question 1
An Accounts Payable (AP) is:
Choose one answer.
a. Billing of customers for owing money for goods or services
b. File or account that contains money that a person or company
owes to suppliers but hasn't paid yet AP is the money we
owe others

Correct
Question 2
The following documents generate Accounts Payables/Receivables (multiple answers possible):
Choose at least one answer.
a. Settlement

b. Purchase Invoice

c. Sales Invoice

d. Manual Settlement

All of the above elements generate Accounts Payables/Receivables - also simply called
Payments in Openbravo ERP.
Correct
Question 3
What is a Manual Settlement used for?
Choose one answer.
a. Bank payments

b. A payment that was split into different smaller amounts


c. All payments (Payables or Receivable) that are not
recorded or generated directly by Openbravo ERP Examples of such are
payrolls, tax payments, etc.
d. The customer did not pay by bank, but paid cash
Correct
Question 4
What is the BIC or SWIFT code?
Choose one answer.
a. A number entered to identify a particular
bank account
b. A number entered to identify a Cashbook
c. A number entered to identify a particular
bank A bank code used for international
transactions.

d. A number entered to identify a Business


Partner
Correct
Question 5
What is a Tax Register Type?
Choose one answer.
a. it is the setup required so that we don not
have to pay taxes
b. It indicates per product what Tax
Category should be used
c. An indication whether the Tax payment
will be done by bank or Cash
d. A setup for different transactions (e.g.
Sales, Purchases) to facilitate the Tax Different transactions and different Tax
Payment rates can be set up for the automatic Tax
Payment.

Correct
Question 6
Consolidated remittance is the process when the bank collects the debts for our Payments and the
bank pays you the total money in advance .
Choose one answer.
a. True The bank advances the money, but if in the end they cannot collect the debt,
the bank hands back the debt and you have to pay the money back for that
debt

b. False
Correct
Question 7
Withholding is:
Choose one answer.
a. All the taxes that you received for a
Sales Invoice but didn't declare to the tax
office
b. A type of tax that we do not post to
our General Ledger
c. All the taxes that were paid in cash
either on a Sales Invoice or on a
Purchase Invoice
d. The tax amount that a vendor owes
the government for a Purchase In General Ledger two debit entries are created
Invoice(s) and that we pay directly to the (one for the Vendor Amount and one for the
government Government amount) and a credit entry for the
total amount.

Correct
Question 8
The Tax Payment amount for sales and purchases is:
Choose one answer.
a. The tax amount that was
paid for purchases plus the tax
amount received for the sales
b. The tax amount received for
the sales
c. The tax amount that was
paid for purchases minus the
tax amount received for the
sales
d. The tax amount that was
received for the sales minus the The tax that needs to be paid is the amount that was
tax amount paid for purchases received by sales minus the amount paid for purchases.
If the amount paid for purchases was higher, this can be
deducted in the next period.

Correct
Question 9
The easiest way to see how much money we will have in the bank by a certain date is to use a:
Choose one answer.
a. Payment
Report
b. Bank Report
c. Cashflow
Forecast By entering a date the report shows how much money should be in the
bank account by that specific date based on your outstanding payments
(including receivables and payables)
d. Payment
Tracker
Correct

Quiz 2
Top of Form
Question 1
What Accounting configurations are required? (multiple answers possible)
Choose at least one answer.
a. Import Chart of Accounts

b. Setup Business Partners


c. Define the Fiscal Calendar

d. Configure the Accounting Schema

Configuring the Fiscal Calendar, Importing the Chart of Accounts and to configure the
Accounting Schema are all configurations that are related to Accounting.
Correct
Question 2
Openbravo allows users to define more than one account tree (charts of accounts)
Choose one answer.
a. True
It is possible to define multiple account trees to be used in various
accounting schemas.

b. False
Correct
Question 3
Which of the following statements about Accounting Schema are true? (multiple answers
possible)
Choose at least one answer.
a. It is possible to setup up to 3 accounting schemas per client

b. The set up of the Account Schema Tables will trigger posting to Accounting.
c. Accounting dimensions taken into account are organization, products, business partners,
projects and transactions

d. Default account combinations can be defined for different elements (for example
Business Partner transactions, Product transactions, etc.)

e. A account tree can be assigned to a particular accounting schema

f. In the Account Schema element you can define account combinations

All of the above statements are correct.


Correct
Question 4
G/L Items need to be created for all settlements:
Choose one answer.
a. False
Only Manual Settlements need to be associated with a G/L Item

b. True
Correct
Question 5
The correct configuration for the Tax setup is:
Choose one answer.
a. Create Tax Categories, create Tax rates in these categories, associate products to the Tax
Categories

b. Create Tax Rates, create Tax Categories, add products to the Tax Categories

c. Create Tax Categories, add products to the Tax Categories, create Tax Rates

d. Create Tax Rates, associate products to these Tax Rates, create Tax Categories
Correct
Question 6
Manual posting of GL entries is required on top of the automatic accounting which happens
when the background process is enabled:
Choose one answer.
a. True
b. False
Manual posting is only required when the automatic accounting is
disabled.
Correct
Question 7
It is possible to generate General Ledger entries only for a certain database table:
Choose one answer.
a. True
Using the 'GL Posting by DB Tables' process within Transactions submenu
one can post entries of individual database tables.

b. False
Correct
Question 8
Resetting accounting entries needs to be done at the end of each day.
Choose one answer.
a. False This process deletes all existing General Ledger entries and should only be
used in exceptional cases, for example when you change the accounting
structure.

b. True
Correct
Question 9
How do I reopen and change a document that has already been posted to the General Ledger?
Choose one answer.
a. Reactivate the document, unpost the document, make
the changes, complete the document again, post the
document again
b. Unpost the document, make the changes, reactivate
the document, complete the document again, post the
document again
c. Unpost the document, reactivate the document, make
the changes, complete the document again, post the The sequence of these steps is the
document again only possibility to make the
changes.

d. It is not possible. You should close the document and


open a new one
Correct

Quiz 3
Top of Form
Question 1
Examples of fixed assets are (multiple answers possible):
Choose at least one answer.
a. Manufacturing equipment

b. Cash

c. Inventory
d. Real Estate

Fixed assets are assets that are for business use and are not expected to be converted to cash in
the near future (in less than a year).
Correct
Question 2
The following statements about amortization in Openbravo ERP are correct (multiple answers
possible) :
Choose at least one answer.
a. Openbravo makes an amortization plan based on the rules that have been introduced and
can not be updated
b. Openbravo uses a linear type of amortization

c. The end value of the asset is zero


d. Amortization is the a gradual reduction of the value of an asset over a period of time

In Openbravo ERP, we can use the linear amortization that reduces the value of an asset
each year or month linearly by a certain percentage until it has reached a certain value, as
per the setups in the Assets screen.
Correct