SAP Financial Accounting (SAP FI) Certified Application Associate Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the SAP Financial Accounting (SAP FI) Certified Exam with our interactive quizzes. Use flashcards and multiple choice questions with explanations to boost your confidence. Get ready for success!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What are the year-end closing program checks for Asset Accounting?

Assets are complete and error-free.
Depreciation is posted in full.
Fixed asset fiscal year change is complete.
General ledger and subledgers are closed.

The correct answer is: Assets are complete and error-free.

The correct choice highlights a fundamental requirement in Asset Accounting during the year-end closing process. Ensuring that assets are complete and error-free is vital because it directly impacts financial reporting and the integrity of financial statements. If there are missing assets or errors in asset data, this can lead to incorrect asset valuations, depreciation calculations, and potentially misleading financial results. Completeness ensures that all assets are accounted for, which allows for accurate financial reporting. An error-free status implies that all data relating to the assets, including acquisition dates, values, and depreciation methods, has been correctly entered and is up-to-date. This is crucial for a successful year-end closing as inaccuracies could trigger complications in both auditing and future financial planning. While the other choices also represent important aspects of the year-end process, they focus more on specific tasks rather than the overarching requirement of ensuring that asset records are complete and accurate for the financial reports. This foundational principle is what underpins all other checks in the asset closing process.