Online Access Free Workday-Record-to-Report Practice Test

A company needs to comply with both ASC 842 and IFRS 16 leasing standards.
When creating an alternate supplier contract to comply with IFRS 16, what will determine the appropriate accounting for the installment expense recognition?

• A.The original contract's contract type and contract accounting method
• B.The alternate supplier contract's accounting method
• C.The original supplier contract's accounting method
• D.The alternate supplier contract's interest rate

A company organizes various events. They want to report on transactions using an Event Type. This Event Type does not need any members, security or hierarchy.
What should you do?

• A.Use the Maintain Related Worktag Usage task and set the Event Type to be required for customers.
• B.Use the Maintain Worktag Usage task and set the Event Type to required for customer transactions.
• C.Create a custom organization for each Event Type.
• D.Enable a custom worktag and add values for each Event Type.

Refer to the following scenario to answer the question below.
A company created a journal sequence generator rule, assigned the rule to the company, selected to create ID generators, opened accounting periods, and posted journals to the current ledger year. Next, the company added a condition to the journal sequence generator rule.
What step can the company implement to change the journal sequence for the current ledger year?

• A.Unpost all journals in the current ledger year.
• B.Journal sequence formats cannot be adjusted for the current year once journals are posted.
• C.Close the remaining ledger periods to disallow more journal postings in the current ledger year.
• D.Utilize the Mass Delete Journal Sequence Generator IDs task.

Refer to the following scenario to answer the question below.
A company created a journal sequence generator rule, assigned the rule to the company, selected to create ID generators, opened accounting periods, and posted journals to the current ledger year. Next, the company added a condition to the journal sequence generator rule.
When is the soonest the new condition would be included on the company's journals?

• A.The new condition can never be included on their journals.
• B.Before they close the current ledger year.
• C.In the next ledger year, assuming no journals are posted AND they delete the unused ID generators before activating the updated journal sequence rule.
• D.After they close all periods in the current ledger year and selects to reassign ID generators.

A company that has multiple subsidiaries is implementing Workday. They need to set up intercompany transactions.
What is the first step in this process?

• A.Define the settlement terms between subsidiaries.
• B.Train employees on how to record intercompany transactions.
• C.Create the journal entries for historical intercompany transactions.
• D.Edit the intercompany profiles between the companies.