Question 1

Which statement is true about recording customer payments?

Options :

A : Accept Customer Payment offsets Accounts Receivable posting

B : Customer payments must match paid invoices 1:1

C : Electronic payments SuiteApp is required to record customer payments by credit card

D : Undeposited Funds is not necessary if all your customers pay by credit card.

Answer: B

Question 2

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

Question 3

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

Question 4

Which two statements are true about vendors and multicurrency (choose 2)

Options :

A : vendors can have up to 5 currencies

B : the currency on the purchase order can be changed at the point when purchase order is billed

C : the primary currency is used for the credit limit

D : to remove a currency from a vendor, you must first close any open transactions in that currency

E : currencies must be added to the Vendor before being used on transaction

Answer: C,E

Question 5

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