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

When maintaining a G/L account, which entries should be defined? (Select three correct answers)

1. Ledger assignment

2. Field status group

3. Account Type

4. Account group

The correct answer is: Field status group

The selection of entries to be defined when maintaining a General Ledger (G/L) account is crucial for ensuring that the G/L account operates effectively within the SAP environment. In this context, the correct entries to define include the field status group, ledger assignment, account type, and account group. Focusing on field status group, it establishes the rules for data entry in the G/L account. It determines which fields are mandatory, optional, or suppressed during posting. This is important for maintaining the integrity of financial data, ensuring that necessary information is always captured when transactions are recorded against the G/L account. By specifying what information is required, organizations can achieve consistency in their financial reporting and comply with internal controls. Ledger assignment connects the G/L account to specific ledgers, which can be a necessity for companies that use multiple ledgers for different reporting purposes, such as statutory and management reporting. The account type categorizes the G/L accounts based on their purpose (e.g., asset, liability, revenue, or expense), which is important for financial statement generation and analytics. Lastly, the account group organizes G/L accounts logically and aids in controlling the creation of new accounts according to the prescribed standards and classifications. In summary, defining the field status group is essential