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

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What is one of the key configurations you make when setting up asset classes?

Number ranges
Financial statement version
Posting keys
Account determination

The correct answer is: Number ranges

When setting up asset classes in SAP, one of the key configurations involves defining number ranges. Number ranges are essential for ensuring that each asset can be uniquely identified within the system. By establishing a specific number range for an asset class, you facilitate the automatic assignment of unique identification numbers to new assets created within that class. This prevents duplication and ensures data integrity within the asset management module. Number ranges are particularly important because they influence how assets are tracked, reported, and managed throughout their lifecycle in the financial system. This setup ultimately supports the overall accuracy and consistency of financial reporting. While financial statement versions, posting keys, and account determination also play significant roles in the broader financial accounting context, they are not specifically foundational to the structure and identification of asset classes as number ranges are.