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.

Which statement regarding the year-end closing program is correct?

It logs errors in asset postings.
It allows postponement of depreciation postings.
It identifies incomplete asset master records.
It tracks asset acquisitions over the fiscal year.

The correct answer is: It identifies incomplete asset master records.

The correct statement is that the year-end closing program identifies incomplete asset master records. During the year-end closing process, SAP evaluates the asset accounts to ensure that all essential information is adequately recorded. Incomplete data can lead to various issues, such as inaccurate financial reporting and compliance challenges. Identifying such incomplete asset master records allows organizations to rectify these issues before finalizing financial statements. This step is crucial for maintaining accurate asset valuations and ensuring that all fixed assets are properly reflected in the financial records. Understanding the significance of complete asset master records also underlines the importance of meticulous data entry and regular auditing of asset information throughout the fiscal year. This approach helps prevent complications during the year-end closing process and contributes to the overall integrity of financial reporting.