Question 1

Which statement is true about paying invoices?

Options :

A : An invoice can be paid without being validated.

B : An invoice can be paid only after the invoice accounting entries are created.

C : An invoice must be validated before you can create invoice accounting entries.

D :

Invoice accounting entries and payment accounting entries can be transferred at different times to General Ledger only if they are in different calendar periods.

E :

Both invoice accounting entries and payment accounting entries must be transferred to General Ledger at the same time, if they are in the same calendar period.

Answer: C

Question 2

Identify the four reports you must run when reconciling invoices and payments to the Accounts Payable Trial Balance Report. (Choose four.)

Options :

A : Void Check Register

B : Posted Invoices Report

C : Posted Payments Report

D : Accounts Payable Trial Balance – prior period

E : Payables Transfer to General Ledger Reports

F : Accounts Payable Trial Balance – current period

G : Account Analysis – (132 Char) / Account Analysis – (180 Char).

Answer: B,C,D,F

Question 3

Your company accrues expense items at period end. Identify the report that must be generated before you run your receipts’ accrual period-end process.

Options :

A : Accrual Write-Off

B : Uninvoiced Receipts

C : Mass Additions Create

D : Accounts Payable Trial Balance

Answer: B

Question 4

Company Z has implemented Payables, General Ledger, and Project Accounting. Both Transfer to GL and Interface Supplier Costs are processed each night. A descriptive flexfield called “SAI Value” has been defined on the invoice header to capture additional information, and is used in conjunction with the accounting on the invoices. This is not a required field. There is a corresponding user-defined hold called “SAI Hold”, which is manually applied whenever an invoice is created and the “SAI Value” has not been provided to Company Z by the supplier. During weekly reviews of accounting, users have found that invoice transactions that are on “SAI Hold” are displayed in Project Accounting but not in General Ledger. Select what is causing this issue.

Options :

A : Invoices have not been validated.

B : The current General Ledger period is closed.

C : The current Project Accounting period is closed.

D : The Payables Accounting process has not been run.

E : Accounting is not being created by the user-defined hold.

F : The descriptive flexfield field must be a required field, and not an optional field.

Answer: E

Question 5

To review “All of Today’s” selected invoice from the payment process request in the Payment Manager, perform these actions:

1. Navigate to the Payment Process Request component.

2. Navigate to the (B) Views window.

3. Select “All of Today’s” from the drop-down list.

4. Click the Go button.

5. The payment process request for today is displayed.

Select the actions, arranged in their proper sequence.

Options :

A : 2, 3, 4, 5

B : 5, 2, 3, 4

C : 1, 2, 3, 4, 5

D : 5, 2, 3, 4, 5

Answer: C

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