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1. Select three values that the dunning letter generation program includes.
A) Credit memo
B) Debit memo
C) Prepayments
D) Invoice
E) Unapplied
2. Select the true statement about Balance Forward Billing.
A) Transactions included on a Balance Forward Bill can be updated.
B) Balance Forward Bill must be enabled at each bill-to site level.
C) Balance Forward Bill of a previous cycle need NOT be generated as Final to generate the balance Forward Bill of the current cycle.
D) Balance Forward Bills tan be created for a future date.
3. What are the three valid statements related to third-party control accounts that have the type Customer?
A) When the third party control account is assigned to a journal line, information such as name and site MUST be provided.
B) The customer sub ledger third-party balances will be updated when Journal is completed to Final Status.
C) The subledger Journal entry lines that use this account need not have customer information
D) The customer subledger third party balances will be updated when Journal is completed to Draft Status.
E) The subledger journal entry lines that use this account MUST have customer information.
4. In a scenario receipts are factored receipt class that requires confirmation, remittance, and clearance. Select the valid accounting entry that would be generated when receipts are cleared.
A) The Factoring account is debited and the Short term debt account is credited.
B) The Short term debt account is debited and the Factoring account is credited.
C) The Cash and Bank charges accounts are debited and the Short term debt account is credited
D) The Cash and Bank charges accounts are debited and the Factoring account is credited
5. Which three duties are associated with the Payment Management Specialist role?
A) Billing inquiry duty.
B) Create receivables credit card refund.
C) Create receivables credit card charge back.
D) Receipt creation duty.
E) Create receivables refund.
Solutions:
| Question # 1 Answer: B,D,E | Question # 2 Answer: B | Question # 3 Answer: A,B,E | Question # 4 Answer: B | Question # 5 Answer: C,D,E |
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