QUESTION 45
You have created two transactions with a 30-day payment term. The first transaction is on January 29, 2015 and the second transaction is on January 31, 2015. The invoice date is the same as the system date. Both transactions are assigned an unsigned receipt method that has the lead days set to 60, number of bills receivable rule set to one per customer, and the bills receivable maturity date rule set to latest.
Which statement is true when the create bills receivable batch is processed for a customer on January 31, 2015?
Option's:
A. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 2, 2015.
B. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as February 28, 2015.
C. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 30, 2015.
D. Two Bills Receivable transactions are created with maturity dates as March 30, 2015 and April 1, 2015.
E. Two Bills Receivable transactions are created with the issue dates as January 29, 2015 and January 31, 2015.
F. Two Bills Receivable transactions are created with the issue date and accounting date as January 29, 2015 and January 31, 2015, respectively.
Answer: D
Answer Explanation: Two Bills Receivable transactions are created with maturity dates as March 30, 2015 and April 1, 2015.
QUESTION 46
When discussing the Receivables to Ledger Reconciliation Report with your customer, you are asked a number of questions about how to run the report.
Which statement is true?
Option's:
A. You can exclude unidentified receipts, but you cannot exclude on-account activities and unapplied receipts.
B. You cannot exclude on-account activities, un applied receipts, and unidentified receipts.
C. You can include or exclude intercompany transactions, or you can reconcile by intercompany activity only.
D. You can select only a Closed accounting period.
Answer: C
Explanation: References: You can include or exclude intercompany transactions, or you can reconcile by intercompany activity only.
QUESTION 47
Which two items are required for customer invoicing? (Choose two.)
Option's:
A. Lock box
B. Customers
C. Remit-to-address
D. Customer Profile Class
Answer: A,D
Answer Explanation: Lock box & Customer Profile Class.
QUESTION 48
Which two duties are included in the Accounts Receivable Specialist associated role? (Choose two.)
Option's:
A. Import Payables Invoices Duty
B. Receipt Creation Duty
C. Trading Community Hierarchy Management Duty
D. Payment Settlement Management Duty
Answer: A,D
Explanation: References: Import Payables Invoices Duty & Payment Settlement Management Duty .
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