Online Access Free 1z1-961 Practice Test

Certain suppliers that your customer regularly deals with are exempt from tax. How would you configure tax for this?

• A.Enable the relevant suppliers for Offset Tax and create an Offset Tax to remove the calculated tax line from these suppliers.
• B.Create a new Tax Regime for the Exempt tax and subscribe the exempt suppliers to the tax regime on the Configuration Options tab.
• C.Define a Tax Status and Rate for Exempt, define a Party Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Party Fiscal Classification.
• D.Define a Tax Status and Rate for Exempt, define a Supplier Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Supplier Fiscal Classification.

You have a high volume of invoices to enter that have similar lines and do not require extensive validation.
What must you do if you want to group multiple invoices in a batch during spreadsheet entry?

• A.Enable the invoice option Require Invoice Grouping, and the system automatically groups invoices entered in the same spreadsheet.
• B.Enter a value in the Invoice Group field to group similar invoices into a batch.
• C.Make sure all the invoice dates are the same.
• D.Assign the same Invoice Header Identifier to multiple invoices you want to group.
• E.Make sure the Invoice Number is the same.

You are using the Payable's Deferred Expense feature (also known as Multiperiod Accounting). You have entered an invoice for a three-month lease that is entered on Jan 10th. The total expense is $12,000 and it covers the rental period from Jan 1st to Mar 31st.
Assuming that the rental expenses are split evenly per month and a monthly accounting calendar is used, what would the accounting entry be?

• A.On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000On Jan 10th, Debit Prepaid Expense for 12,000 and Credit Liability for 12,000
• B.On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000and thenOn Jan 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000On Feb 28th, Debit Rental Expense for
  4,000 and Credit Prepaid Expense for 4,000On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000
• C.On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000
• D.On Jan 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000

Identify two ways the invoice imaging solution works in the Cloud. (Choose two.)

• A.Customers ask their suppliers to scan and email the invoice.
• B.Customers ask suppliers to send electronic invoices.
• C.Customers scan the invoice on-premise and email the images.
• D.Customers scan and store the invoice images on-premise and attach them during invoice entry.
• E.Customers cannot use invoice imaging in the Cloud.

Which statement is correct if the payment terms entered in the invoice differ from the payment terms on the purchase order?

• A.The payment term of the purchase order overrides the invoice payment term.
• B.The user needs to manually change the payment term on the invoice to match the purchase order payment term.
• C.The purchase order payment term cannot be overridden.
• D.The payment term of the invoice overrides the purchase order payment term.
• E.The user needs to specify which payment term to use.