Question 1

What account is used when you want to accumulate all customer payments to make a consolidated deposit at the end of a given day? Undeposited accounts Which statement is true about Customer Deposits?

Options :

A : Customer Deposits are recorded as a liability.

B : Customer Deposits post to Accounts Receivable.

C : Customer Deposits must be created from a Sales Order.

D : Customer Deposits can be linked to an unapproved Sales Order.

Answer: A

Question 2

Which report shows the total value of current assets?

Options :

A : Balance Sheet

B : General Ledger

C : Profit and Loss / Income Statement

D : Cash Flow Statement

Answer: A

Question 3

What two transactions cause a Bill Variance Journal entry to be posted? (Choose two.)

Options :

A : Purchase Requisition

B : Item Receipt

C : Bill Payment

D : Vendor Bill

E : Purchase Order

Answer: B,D

Question 4

Which two statement are true about setting up the intercompany expense allocation (choose 2)

Options :

A : the source may be multiple subsidiary

B : The target may be multiple subsidiaries

C : The source must be one subsidiary

D : the target can only be one subsidiary

Answer: A,B

Question 5

Which statement is true about the Period Close Checklist?

Options :

A : This is required for Year-End Close.

B : Tasks may be completed in any order.

C : Customer-specific steps can be added.

D : Tasks displayed depend upon features enabled.

Answer: D

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