SAP Financial Accounting (SAP FI) Practice Exam

When setting up a new asset class for equipment, which objects need to be defined?

1. Account determination and tax settings

2. Depreciation parameters and asset history

3. Screen layout rules, depreciation parameters, and account determination

4. Asset lifespan and maintenance rules

The correct answer is: Screen layout rules, depreciation parameters, and account determination

When setting up a new asset class for equipment in the SAP FI module, it's essential to define various objects that ensure effective asset management and compliance with financial regulations. One of the most critical components is the screen layout rules, which dictate how data related to the assets is entered and displayed in the system. This customization enables users to streamline data entry and ensure consistency across records. In addition to screen layout rules, depreciation parameters are crucial as they determine how the asset will be depreciated over time. This includes setting the rules for calculating depreciation, such as the method to be used (e.g., straight-line or declining balance) and the expected life span of the asset. The accuracy of these parameters is vital for financial reporting and to ensure that the expenses are properly matched with revenues over the asset's useful life. Account determination is also a key factor, as it links the asset transactions to the appropriate general ledger accounts. This ensures that when transactions related to the asset occur, such as acquisitions or disposals, they are accurately reflected in financial statements, aiding in the transparency and integrity of financial reporting. By integrating these elements—screen layout rules, depreciation parameters, and account determination—the setup of an asset class becomes comprehensive. This holistic approach enables businesses to handle their