Question 1

Which statement is true about expense allocations?

Options :

A : Allocation schedules can only be set to a frequency of once per month

B : Allocation JEs must zero out the source expense account

C : Allocation schedules can be assigned to any expense account

D : Allocation schedules are assigned to specific purchase transactions

Answer: C

Question 2

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 3

When entering a journal, which two boxes must be used to reverse the journal entry next month, so that the reversal is not created until then? (Choose Two)

Options :

A : Do Not Post Until

B : . Defer Entry

C : Memo

D : Pending Approval

E : Reversal Date

Answer: B,E

Question 4

What is a characteristic of importing journal entries?

Options :

A : The limit of lines for journal entry import is 1,000

B : The limit of lines for journal entry import is 10,000.

C : Journal entries can only be imported using web services.

D : Journal entries imported unbalanced must be fixed before approval.

Answer: B

Question 5

Which transaction, that records the expense and the cash spent in one step, can be used to record ad-hoc purchases such as petty cash

Options :

A : Purchase Order

B : Pay single vendor

C : Write check

D : Transfer funds

Answer: C