Identify three key accounts to be considered during the implementation of Payables that impacts the reconciliation of the accounts payable liability accounts. (Choose three.)
A. AP liability account
B. accrual charge account
C. receiving accrual account
D. accrued Payables account
E. receiving inventory account
F. expense AP accrual account
G. inventory AP accrual account
Where do you define the attribute that determines whether you will accrue expense items at receipt or at period end?
A. System Options
B. Financial Options
C. Payables Options
D. Purchasing Options
E. Payables System Setup Options
In the accrual process for period-end accruals, which two events generate accounting entries that can be transferred to General Ledger? (Choose two.)
A. processing a receipt
B. entering a purchase order
C. running the period-end accrual program
D. entering invoices and matching them in Payables
In the accrual process for perpetual accruals, which two events generate accounting entries that can be transferred to GL? (Choose two.)
A. processing a receipt
B. entering a purchase order
C. running the period-end accrual program
D. entering invoices and matching them in Payables
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. Inventory has not closed for the current period.
B. Purchasing has not closed for the current period.
C. Period-end accrual journals have been reversed in GL.
D. Manual journals have been posted to the AP liability account in the current period in GL.
As part of its closing process, XYZ Corporation reviews receipt accruals. Occasionally, Payables matches incorrectly, and therefore they find that some perpetual accruals never clear, leaving reconciliation items on their accrual reports. Which two actions can they perform to solve the problem? (Choose two.)
A. Reverse the invoice distributions and rematch if possible.
B. Run the Uninvoiced Receipts Report to identify the receipt accrual that has not cleared and create a manual journal entry in General Ledger to clear the receipt from the report.
C. Run the Matching Hold Detail Report to identify the receipt that has not cleared and use the Write-Off window to remove the item from reappearing on subsequent reports. Create a manual journal entry in
General Ledger to clear the accrual.
D. Run the Accrual Rebuild Reconciliation Report to identify the receipt accrual that has not cleared and use the Write-Off window to remove the item from reappearing on subsequent reports. Create a manual journal entry in General Ledger to clear the accrual.
ABC Corporation has closed their APR-XX accounting period. The APR-XX period started on 27- MAR20XX and ended on 26-APR-20XX. To ensure that all accounting from APR-XX has been sent to General Ledger, they must run two Trial Balance Reports, the Posted Invoice Register, and the Posted Payment Register. What dates must be used to run Accounts Payable Trial Balance Reports?
A. one run for 26-MAR-20XX and one for 26-APR-20XX
B. one run for 01-APR-20XX and one for 30-APR-20XX
C. one run for 27-MAR-20XX and one for 26-APR-20XX
D. one run for 31-MAR-20XX and one for 30-APR-20XX
Which three reports can be used to reconcile Payables activities to General Ledger? (Choose three.)
A. Supplier Payment Report
B. Posted Payments Report
C. Cash Clearing Account Report
D. Accounts Payable Trial Balance Report
E. General Ledger Account Analysis Report
When reviewing the Accounts Payable Trial Balance Report for a period, a user notices that the remaining balance for an invoice is negative. What is the reason?
A. The invoice was overpaid.
B. The invoice was never accounted for.
C. The invoice was moved to the next period.
D. The payment for that invoice was recorded in a GL period before the GL period of invoice distributions.
Identify three functions that the Create Accounting program provides. (Choose three.)
A. validates and creates subledger journal entries
B. generates the Posted Journal Report for subledger journal entries
C. transfers final journal entries in the current batch run to General Ledger
D. applies the application accounting definitions that are created in Accounting Builder (ABM)
E. allows you to update final journal entries before the Transfer to General Ledger process is run
F. generates the Subledger Accounting Program Report, which documents the results of the Create Accounting program
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