Online Access Free 1z0-961 Practice Test

You entered an invoice of 12,000 and paid it for Office Supplies. The payment was never received by the supplier, and you decide to return the entire order.
What should you do?

• A.Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits the expense.
• B.Void the payment, which debits cash and credits the liability, and then issue a credit memo, which debits the liability and credits the expense.
• C.Cancel the invoice, which debits the liability and credits the expense.
• D.Issue a credit memo, which will debit the liability and credit the expense.

Which two setups are required to ensure the same tax is applied on both intercompany payable and receivable invoice? (Choose two.)

• A.You should check if any specific rules defined should cover both Sales_transaction and purchase_transaction business category.
• B.Tax for inter-company is to be loaded using Create Taxable Transactions in Spreadsheet.
• C.Ensure that both the receiver and provider business units and legal entities are subscribed to the applicable tax regime on the transaction date.
• D.First enter Payable transaction to calculate tax and then for Receivable Transaction.
• E.Payable options are receivable system options should have same tax application options.

Your company policy requires that receipts be attached to expense report items before reimbursement can be made.
Which two statements are true about the association of a receipt to an expense report? (Choose two.)

• A.Expenses do not create payment requests for expense reports that have missing or overdue receipts.
• B.An expense report may require original, imaged, or both types or receipts.
• C.Users can maintain scanned receipts in a central repository and provide a reference number in the expense report.
• D.Receipts are not required if the expense item falls within Per Diem Rates.

Your intercompany transaction type is active and enabled for invoicing.
What are the two prerequisites to generate intercompany receivables and intercompany payable transactions after the Generate Intercompany Allocations process is run? (Choose two.)

• A.Run the processes Create Intercompany transactions to Receivables and Create Intercompany transactions to Payables.
• B.Run the process Transfer Intercompany transactions to Receivables and Transfer Intercompany transaction to Payables.
• C.Manual Approvals should be allowed for the transaction type.
• D.Supplier site primary pay flag and customer account bill to primary flag should be enabled.
• E.Schedule create accounting for the intercompany process.
• F.For the Legal Jurisdiction, Legal function "Generate intercompany invoice" should be assigned.

An installment for $1,000 USD is due for payment on January 10, 2016. The installment has two discounts:
the first discount date is December 5, 2015 for $150 USD and the second discount date is December 20, 2015 for $50 USD. The Pay Date Basis on the supplier site is Discount.
You submit a Payment Process Request with the following criteria:
- Payment Date = December 5, 2015
- Pay Through Date = December 25, 2015
- Date Basis = Pay Date
- Always Take Discount option is enabled
What will be the resulting status of the installment and discount?

• A.The installment is selected and a discount of $150 USD is applied because the Always Take Discount option was enabled.
• B.The installment is selected but no discount is applied because the payment date is after the discount dates.
• C.The installment is not selected because the first discount date is before the Pay Through Date.
• D.The installment is selected and a discount of $50 USD (the second discount) is applied.
• E.The installment is selected and a discount of $200 USD ($150 + $50) is applied.