Question 1

A Billing Specialist has created and completed an invoice for $100 USD for Customer The Specialist prints the invoice and realizes that the invoice should have been created for Customer B. The accounting for the transaction for Customer A is posted to the General Ledger.

How can this be corrected?

Options :

A : Create an adjustment for the entire amount and create a negative adjustment for Customer B.

B : Create an on-account credit memo for $100 USD for the invoice and enter a new invoice for Customer B.

C : Change the status of the invoice to Incomplete and enter a new invoice for Customer B.

D : Navigate to the credit transaction link in the Billing work area, credit the entire amount, and enter a new invoice for Customer B.

Answer: B

Question 2

Which two statements are true regarding the Promise to Pay feature in the Collections application?

Options :

A : Mass promise to pay amounts automatically become partial payments.

B : You cannot cancel a promise made in error if it is before the promise due date.

C : Promise information is updated by scheduling the Promise Reconciliation process.

D : You can cancel a promise made in error if it is before the promise due date.

Answer: A

Question 3

When you move revenue on an invoice line from an unearned account to an earned revenue account, Receivables ______________.

Options :

A : removes the invoice line revenue contingencies

B : leaves the invoice line revenue contingencies until Automatic Revenue Recognition is run

C : removes the pending sales credits

D :

leaves the invoice line revenue contingencies until Reconcile Revenue Contingencies is run

Answer: A

Question 4

Which three actions are facilitated through the Reconciliation Summary Report? (Choose three.)

Options :

A : drilldown to see reconciliation details and to make reconciling corrections

B : drilldown on the difference amounts to see specific reconciling items and the potential cause of the out-of-balance condition

C : drilldown from any of the summarized Receivables and Accounting amounts to see detailed activity

D : drilldown to see details of unaccounted revenue transactions not transferred and posted to the General Ledger

E : drilldown to view data and use standard Excel functions such as sum, find, sort, and filtering without actually downloading to Excel

Answer: A,B,C

Question 5

Identify two credit memo options. (Choose two.)

Options :

A : Tax only

B : Advance

C : Invoice lines

D : Paid amount only

Answer: A,D

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