Question 1

Identify the steps for valuing an inventory item using the Standard Cost Costing method?

1. Rollup Standard Costs.

2. Enter Standard Cost at sublist level.

3. Revalue inventory and update Standard Costs.

Options :

A :

2, 3, 1

B : 3, 1, 2

C : 1, 3, 2

D : 2, 1, 3

Answer: D

Question 2

A company would like to add the same disclaimer message that prints in the footer of its PDF Invoices. Which action should the Administrator take?

Options :

A : Edit the custom Invoice form and enter the message in the Disclaimer field.

B : Enter the disclaimer message in the Sales Form Memo field.

C : Edit the custom Invoice form and change the Printing Type to Advanced.

D : Create a custom Disclaimer field on the customized Invoice form and enter the message.

Answer: C

Question 3

Which item types can Serialized Assembly have as a component? (Choose tree.)

Options :

A : Non-Inventory Item

B : Serialized Item

C : Kit/Package

D : Lot Numbered Item

E : Regular Assembly Item

Answer: B,D,E

Question 4

Which statement is true about Vendor Return Authorizations?

Options :

A : Returning fewer items than what was ordered is allowed.

B :

Once saved, the Vendor Return Authorization is recorded in the register, which is a posting account in the Chart of Accounts.

C : The status on a Vendor Return Authorization is always Pending Return.

D :

Once saved, increasing the quantity or changing the rate creates an improper GL impact and is not recommended.

Answer: A

Question 5

One item on a Return Authorization is damaged and will not be added back into Inventory.

Which Accounting PReference: needs to be enabled to process the Return Authorization?

Options :

A : Write-Off Account for Returns

B : Enforce Minimum Quantity on Return Authorizations

C : Credit in Advance of Vendor Return

D : Allow Overage on Item Receipts

Answer: A