BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
General ledger and subledgers are closed.
|
|
|
Depreciation is posted in full
|
|
|
Fixed asset fiscal year change is complete.
|
|
|
Assets are complete and error free.
|
Detailed explanation-1: -What does the year-end closing program in Asset Accounting do? It indicates if any of the created asset master records contain errors or are incomplete. It checks whether the depreciation is posted completely for the fiscal year. It blocks all postings to Asset Accounting for the closed fiscal years.
Detailed explanation-2: -You cannot close the current fiscal year. You have to carry out the year-end closing as background processing for performance reasons. Start the report, therefore, as a background job (in the selection screen for the report: Program Exec. in background ).
Detailed explanation-3: -The year-end closing in Asset Accounting is a required step before you can close the fiscal year in Financial Accounting (FI). If you omit this step, or do not carry it out until after closing the fiscal year in FI, serious problems can result. This could include problems in changing master data.