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b. Completes the materials procurement process c. Handles the payment d. Allows credit memos to be processed e. Handles the analyses of invoices. 7. There is a stock of 60 pc of a material having a standard price of Rs.9. A purchase order has been raised on the vendor for 40 pieces at Rs. 11 per pc. The material was received and invoice verified. What would the accounting entries show for this movement after IV? a. Stock account Rs. 360+, vendor account Rs. 360b. Stock account Rs. 440+, vendor account Rs. 440c. Stock account Rs. 440+, vendor account Rs. 360d. Stock account Rs. 360+, vendor account Rs. 440e. Stock account Rs. 0, vendor account Rs. 808. What happens to accounting entries when an invoice is posted? a. GR/IR account debited, vendor account credited b. GR/IR account credited, vendor account debited 9. From where does the system pick the default quantity of an item when you post invoice receipt? a. Invoice b. Purchase order c. Purchase order history d. System settings e. Vendor master 10. During invoice verification the system picks the rate at which tax is calculated from the vendor master record. a. True b. False 11. What are the tasks of invoice verification? a. Entering invoices and credit memos received. b. Checking the accuracy of invoices c. Executing the account posting resulting from invoice d. Updating open items and material prices e. Checking invoices that were blocked. 12. An invoice can refer to various objects.
a. True b. False
a. Stock account is 5b. Stock account is 1.5c. Stock account is 3.5d. Price difference account is 3.5e. Price difference account is 1.57. Under what situation does the system compares the ratio of PO quantity(in PO price units) / PO quantity (in PO units), invoice quantity (in PO price units / invoice quantity (in PO units)? a. Goods receipt before invoice receipt b. Invoice receipt before goods receipt. 8. The initial Stock of a material is 200 pieces. There is a purchase order for 100 pieces at Rs. 0.75. The 100 pieces are received. An invoice is received for 100 pieces at Rs 0.80 per piece. What are the effects of the above at invoice verification? a. If the material is valuated at a standard price of Rs 1, the stock account will be 5+. b. If the material is valuated at a moving average price of Rs 1, the stock account will be 5+. c. If the material is valuated at a moving average price of Rs 1, the material master record reflects the moving average price at Rs 0.92. d. If the material is valuated at a standard price of Rs 1, the price difference expense account will be 5+. e. If the material is valuated at a standard price of Rs 1, the stock price difference income account will be 5+. 9. The greater the invoice value, the lower the tolerated quantity variance. a. True b. False 10. How is the quantity valuated at IV for the materials received if the invoice quantity is greater than the GR quantity? a. At purchase order price b. At invoice price 11. What happens if an invoice item exceeds the set tolerance limit for amount check? a. The item is blocked for payment
b. The entire invoice is blocked for payment c. The item is given blocking reason 12. Based on what does the system check the value for a schedule variance? a. Purchase Order Price b. Invoice Price c. Invoice value d. Quantity variance e. Days variance
6. There is a purchase order for 100 pieces at Rs. 0.80. The 100 pieces are received. An invoice is received for 100 pieces at Rs 0.75 per piece. However at the time of receipt of invoice the stock of the material is only 30.What are the effects of the above at invoice verification? a. Stock account is 5b. Stock account is 1.5c. Stock account is 3.5d. Price difference account is 3.5e. Price difference account is 1.57. Under what situation does the system compares the ratio of PO quantity(in PO price units) / PO quantity (in PO units), invoice quantity (in PO price units / invoice quantity (in PO units)? a. Goods receipt before invoice receipt b. Invoice receipt before goods receipt. 8. The initial Stock of a material is 200 pieces. There is a purchase order for 100 pieces at Rs. 0.75. The 100 pieces are received. An invoice is received for 100 pieces at Rs 0.80 per piece. What are the effects of the above at invoice verification? a. If the material is valuated at a standard price of Rs 1, the stock account will be 5+. b. If the material is valuated at a moving average price of Rs 1, the stock account will be 5+. c. If the material is valuated at a moving average price of Rs 1, the material master record reflects the moving average price at Rs 0.92. d. If the material is valuated at a standard price of Rs 1, the price difference expense account will be 5+. e. If the material is valuated at a standard price of Rs 1, the stock price difference income account will be 5+.
9. The greater the invoice value, the lower the tolerated quantity variance. a. True b. False 10. How is the quantity valuated at IV for the materials received if the invoice quantity is greater than the GR quantity? a. At purchase order price
b. At invoice price 11. What happens if an invoice item exceeds the set tolerance limit for amount check? a. The item is blocked for payment b. The entire invoice is blocked for payment c. The item is given blocking reason 12. Based on what does the system check the value for a schedule variance? a. Purchase Order Price b. Invoice Price c. Invoice value d. Quantity variance e. Days variance
b. Credit consumption c. Debit GR/IR d. Credit GR/IR e. Credit Vendor 4. Which costs are entered at item level in the purchase order? a. Planned delivery costs b. Unplanned delivery costs 5. In Total Based acceptance what validations can the system do before deciding that the balance is too large for the invoice to be posted? a. First checks whether the variance falls within the defined invoice reduction limit. b. First checks whether the variance falls within the small difference. c. If the difference is greater than the small difference it checks whether the variance falls within the defined invoice reduction limit. d. If the positive difference is greater than the small difference it checks whether the variance falls within the defined invoice reduction limit. e. If the invoice reduction limits are set to do not check, the system compares the variance with the acceptance limit. 6. When does the system propose current account assignment? a. Goods receipt b. Invoice Verification 7. A purchase order has been issued on a vendor for two materials. 150 units of material A has been ordered at 4 UNI/pc. 20 units of material B has been ordered at 45 UNI/pc. The vendor has supplied all the materials. The invoice for the supply has been received and posted. He now sends an invoice that includes 875 UNI as freight charges and 125 UNI as custom duty that was not planned. The system has been configured to distribute delivery costs amongst items. How will the cost be apportioned when the invoice is posted? a. Stock account for Material A 380 +, Stock account for Material B 570 + b. Stock account for Material A 500 +, Stock account for Material B 450 + c. Freight clearing 875+ d. Custom clearing 125 +
8. In customizing for invoice verification how can you configure unplanned delivery costs?
a. Distribute among the items b. Post to separate G/L account 9. In which method does the unplanned delivery cost appear in the purchase order history? a. When distributed among items b. When posted to separate G/L accounts 10. What are the features of subsequent debit/credit? a. Changes total invoice value of a PO item. b. Changes total invoice quantity. c. Entries can be made only if an invoice has already been posted for the item d. Refers to a specific invoice. e. Flagged in the Purchase order history 11. Mentioned below are the details for a purchase order:Purchase order: 50 pcs at 2.00 UNI/pcGoodsreceipt: noneInvoice: 50 pcs at 2.00 UNI/pcSubsequent Invoice: 50 pcs = 20.00UNIWhat will be accounting entries when you post the invoice and make the subsequent debit/credit? a. Invoice: Vendor Account 100b. Invoice: GR/IR account 100+ c. Subsequent debit/credit: Stock account: 20+ d. Subsequent debit credit: GR/IR account 20+ e. Subsequent debit/credit: Vendor account 2012. When you post invoice items without reference to purchase orders on which tab page will you enter the currency? a. G/L account b. Material c. Basic Data d. Payment e. Detail