Online Access Free 1Z0-215 Practice Test

Which two are true about elimination? (Choose two.)

• A.You must specify an elimination company in the Elimination Sets window.
• B.Currency is an optional component when defining an elimination set.
• C.You can define balancing options for eliminating entries.
• D.You can define an elimination set to contain one elimination entry.

At your client site, the Payables period-close processes have been performed. The Payables transfer to GL has been completed, and the resulting journal entries have been posted to GL. The current Payables period has been closed. The Accounts Payable Trial Balance (last day of prior period) + Posted Invoices - Posted Payments equals the Accounts Payable Trial Balance (last day of current period). However, the balance in the AP liability account in GL for the current period does not equal the Accounts Payable Trial Balance (last day of the current period). What is the possible reason?

• A.Period-end accrual journals have been reversed in GL.
• B.Inventory has not closed for the current period.
• C.Purchasing has not closed for the current period.
• D.Manual journals have been posted to the AP liability account in the current period in GL.

What is the effect of summary accounts on the efficiency of the posting process?

• A.Use of summary accounts increases the efficiency of the posting process.
• B.Use summary accounts in the posting process to accumulate values.
• C.Use summary accounts in the posting process to not accumulate values.
• D.Use of summary accounts decreases the efficiency of the posting process.

ABC Enterprises has operations in the UK, France, the US (West), and the US (East). The US (West) has budgetary control enabled and the US (East) requires approvals for journals. All operations share the same chart of accounts, accounting calendar, and subledger accounting method. The US (West) and the US (East) operate on the USD currency. The UK's currency is GBP, whereas France operates on the EUR currency. Identify the least number of legal entities and accounting setups to be created.

• A.4 legal entities and 1 accounting setup
• B.4 legal entities and 4 accounting setups
• C.3 legal entities and 3 accounting setups
• D.1 legal entity and 4 accounting setups

Company XYZ has received an invoice that includes freight charges. They want to distribute the freight charges proportionately to the same accounts that were charged for the items. Identify the steps they need to follow to create the freight distributions.

• A.Manually enter freight-type distributions for each account that was charged.
• B.Create a freight distribution by selecting the Create Freight Distribution check box in the Invoices window.
• C.Enable Automatically Create Freight Distribution in the invoice region in the Payables Options window.
• D.In the Distributions window, click the Allocate button, identify the distribution type as Freight, select Prorate, and select the distributions to which freight charges would be allocated.