SAP Financial Accounting (SAP FI) Practice Exam

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Which two programs are essential for year-end closing in asset accounting?

Balance sheet assessment and fiscal year change
Year-end closing and fiscal year change
Cost allocation and budget review
Cash flow statement and asset valuation

The correct answer is: Year-end closing and fiscal year change

The correct answer combines two fundamental activities crucial for completing year-end closing in asset accounting. Year-end closing refers to the process of finalizing the accounts at the end of the fiscal year, ensuring that all transactions have been recorded accurately. This includes the generation of reports and the preparation of data for the upcoming fiscal year. The fiscal year change is a specific program that allows for the transition from one fiscal year to the next. This program is necessary to update asset accounting records, ensuring that all assets are appropriately accounted for and any necessary adjustments are made as part of the year-end closing process. Together, these programs ensure a smooth and compliant transition into the new fiscal year, maintain the integrity of financial records, and assist organizations in fulfilling regulatory obligations.