Importing Asset data using the Import Data via Spreadsheet Component

I'm working on testing the Import Data via Spreadsheet Component functionality found in Asset Management > Send/Receive Information > Import Data via Spreadsheet > Upload Spreadsheet Data. My question is in regards to the errors that it checks for. Does it check for information such as valid profile, valid (available) PC Business Unit, valid (available) Activity ID, and valid (available) Location ID? In looking through PeopleBooks, it says it is checking for such things as decimal precision, blank fields, currency codes, and so forth - so I'm wondering what the so forth means. Does it check for chartfield validation or