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NEW QUESTION 1
Select two ways to define the standard cost for an item from the Cost Accounting work area.
- A. Manage the Item Cost task.
- B. Import standard costs from receipt layers.
- C. Manage the Standard Costtask.
- D. Create Standard Cost in a spreadsheet.
NEW QUESTION 2
The process to map the APinvoices to the trade operation charges has completed. Which entity did the application use to do this?
- A. Material Receipts
- B. Charge Names
- C. PreReference Types
- D. Routes
- E. Trade Operation Template
NEW QUESTION 3
Your client is using Quick Setup to implement Costing. They have a requirement to track costs for manufacturing overhead. How can you make sure that this requirement is met?
- A. Complete Quick Setup and then create the user-defined cost using the Manage Cost Component task.
- B. This requirement will already be met by the default data generated when using Quick Setup.
- C. Create the cost in Manage Cost Scenarios.
- D. You can only track costs for Direct Labor and Direct Equipment; this requirement cannot be met.
NEW QUESTION 4
Which four steps need to be completed to establish standard costs for a make item?
- A. Run preprocessor.
- B. Complete cost roll-up.
- C. Publish costs
- D. Export item costs.
- E. Add standard costs to a cost scenario.
- F. Create a new cost scenario.
NEW QUESTION 5
You have an item with two work definitions. One work definition is production priority 1 and named Plan A. Another work definition is production priority 2 and named Plan B. In your cost planning scenario, you have specified the work definition selection criteria as name and then production priority, and you have defined the name as Plan B.
How will the application select the work definition?
- A. The scenario will choose the work definition that is production priority 1.
- B. The cost planning scenario will use both work definitions for the item.
- C. The application will generate an error because there are two work definitions for the same item.
- D. The application will use the work definition that isnamed Plan B.
- E. While you can have more than one work definition for the same item, the cost scenario has no way to unambiguously select one of them.
NEW QUESTION 6
Which three tasks can becompleted in the Receipt Accounting work area?
- A. Review and Approve Item Cost Profiles
- B. Review Item Costs
- C. Create Receipt Accounting Distributions
- D. Review Cost Accounting Distributions
- E. Manage Accrual Clearing Rules
- F. Create Accounting
NEW QUESTION 7
Identify two criteria to select a specific work definition in an inventory organization when defining a cost estimation in a Cost Planning scenario
- A. Work definitions without alternates
- B. Work definitions with specific unit numbers
- C. Work definitions with the highest production priority
- D. Work definitions with the lowest production cost
- E. Work definitionswith the highest costing priority
NEW QUESTION 8
An invoice is created in a foreign currency. The invoice is not paid until several weeks later. By then, the currency conversion rate has changed.
How do you get the journal line rule to calculate the gain or loss?
- A. Create a foreign reporting currency to track gain/loss.
- B. Create a secondary ledger to track gain/loss.
- C. Turn on the Subledger Gain or LossOption.
- D. Subledger Accounting is already set up to process it.
NEW QUESTION 9
Which four statements describe what is unique about Cost Accounting for items received into inventory as consigned?
- A. Consigned items cannot appear on inventory reports with information about the eventual value of the consigned item.
- B. There is no difference between owned inventory and consigned inventory.
- C. The liability for a consigned item occurs when there is an ownership event.
- D. A consumption can automatically trigger a momentary ownership transaction before the consumption transaction.
- E. The quantity is tracked in inventory but not as an asset until there is an ownership event
- F. Consigned items can appear on inventory reports with information about the eventual value of the consigned item
NEW QUESTION 10
You need to simulateand estimate landed cost charges associated with purchase order receipts of material. What must you create to make this possible?
- A. Orders
- B. Cost Scenario
- C. Charge Name
- D. Routes
- E. Trade Operation
NEW QUESTION 11
How is the standard cost of a manufactured configured item calculated?
- A. It is based on the material and resource requirements of a released work order.
- B. The standard cost of a model item is calculated.
- C. The standard cost is calculated for every possible combination of options under a model
- D. It is based on the actual cost of the work order after it is completed.
NEW QUESTION 12
What are three cost method choices that are available in Cost Accounting?
- A. Period end average cost
- B. Actual cost (LIFO or Last In First Out)
- C. Periodic average cost
- D. Standard cost
- E. Perpetual average cost
- F. Actual cost (FIFO or First In First Out)
NEW QUESTION 13
Your client wants their expense items to be accrued at receipt. Which two configurations support this requirement?
- A. Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals> Set Accrue Expense Items to At Receipt.
- B. Configure ProcurementBusiness Function > Select the business unit > Set Select Receipt Close Point to Accrue at At Receipt.
- C. Product Information Management > Search and select the expense item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to "Yes".
- D. Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at Period End.
- E. Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals> Set Accrue Expense Items to Period End.
- F. Product Information Management > Search and select item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to "No".
NEW QUESTION 14
Identify two characteristics of an expense pool. (Choose two.)
- A. It helps you analyze under-absorption and over-absorption of expenses that you want to capitalize onto thebalance sheet as inventory value.
- B. It is a user-defined entity that represents a grouping of expenses that you want to absorb with resource and overhead rates.
- C. You can define the name of your expense pool, but you cannot define more than one.
- D. It isused only for analyzing gross margins on noninventory sales of services.
NEW QUESTION 15
You have finished creating your sub ledger journal entry rule sets and see that they are still in the incomplete status. Which two steps will ensure that the journal entries are generated?
- A. Run the "Activate Accounting Methods" process.
- B. Validate the sub ledger journal entry rule sets using Validate Journal Entry Rule Set.
- C. Run the "Activate Sub ledger Journal Entry Rule Set Assignments" process.
- D. Add the sub ledger journal entry rule sets to the Manage Journal Entry Rule Set task
- E. Add the sub ledger journal entry rule sets to the Manage Accounting Methods task.
NEW QUESTION 16
Identify two purposes of Sub ledger Accounting.
- A. to maintain backward compatibility
- B. to obtain detailed information for auditpurposes since all sub ledger accounting is at the detail level
- C. to calculate costs for transactions
- D. to create accounting strings that can be viewed and corrected just before they are transferred to the General Ledger
- E. to centralize accounting string generation across all modules
NEW QUESTION 17
You are explaining the characteristics of a "profit in inventory" cost element to a client. Which three statements describe true characteristics of this cost element?
- A. It is only used when you do not need to maintain an arm's length relationship.
- B. It can help you understand true margins and value added by internal business units through the internal supply chain.
- C. It can help you with consolidated financial reporting.
- D. It is a special type of cost element that helps you keep track of internal markups when inventory is transferred between inventory organizations that are in different business units.
- E. It is a special type of cost element that helps you keep track of internal markups when inventory is transferred between inventory organizations that are in the same business unit.
NEW QUESTION 18
Which three predefined areas can you review on the Overview page of Cost Accounting? (Choose three.)
- A. Purchase Variance Summary
- B. Journal Entries
- C. Item CostIdentify two reference types used to tie a receipt trade operation to an expense invoice for landing
- D. Cost Processing
- E. Work Order Costs
- F. Inventory Valuation
NEW QUESTION 19
If the Create Accounting process ends with errors or warnings, which three statements outline places you can go to get more detailed information about the specific errors and warnings?
- A. Query the transaction from Review Cost Accounting Distributions to see the error message.
- B. Review errors in the Create Accounting Execution report.
- C. Refer to the Accounting Event Diagnostic report.
- D. Refer to the Accounting Event Diagnostic log.E Review errors in the Create Accounting Execution log.
NEW QUESTION 20
Which two outcomes can happen in create accounting when an account combination returned is end dated?
- A. The original account is stored on the journal line.
- B. Suspense accounts cannot be used.
- C. An alternate account will be used if provided.
- D. An error will always occur.
- E. The preprocessor willpre-warn about this error.
NEW QUESTION 21
Which two steps need to be completed to estimate landed costs?
- A. Transfer transactions from the Inventory to the Costing process.
- B. Transfer transactions from the Payables to the Costing process.
- C. Update standard costs.
- D. Allocate charges
- E. Prepare the Material Purchase Order Data process.
NEW QUESTION 22
You have configured the application as follows:
• Expense items are set to accrue at receipt.
• Receipt Close tolerance is set to 75 percent.
• Purchasing Line types are set to 2-way match.
When you create a purchase order, the Accrue on Receipt check box is automatically selected when a line is added.
Which two configurations changes willensure the Accrue on Receipt check box is not selected by default?
- A. Change expense items to accrue at period end.
- B. Change the Purchasing Line types to 4-way match.
- C. Change inventory items to accrue at period end.
- D. Change the Purchasing Line types to 3-way match.
- E. Change the Receipt Close tolerance so it is 100 percent.
NEW QUESTION 23
There are freight charges on an invoice. Which two setups are required to get create accounting to enter a separate accounting line forit?
- A. Sub ledger accounting is set up to accomplish this out-of-the-box.
- B. Line Type must be set to Freight.
- C. Account Class must be set to Freight.
- D. Create a condition for a journal line for freight.
NEW QUESTION 24
Which two things must your customer check daily in order to ensure that all their purchase order transactions from that day have been accounted for in Receipt Accounting Distribution?
- A. Review their audit receipt accrual clearing balances.
- B. Review their journal entries, including their sub-ledger accounting events and class where the charges from the purchase orders are going to be charged to.
- C. Review their accrual balances and clear them.
- D. Review their Receipt Accounting processes that show whether any processes failed and why.
- E. Review their distributions that show the debit and credit information specific to the Receipt Accounting transaction selected.
NEW QUESTION 25
Which two types of costs are included in the cost of contract manufactured items?
- A. The cost of Items that the contract manufacturer had to purchase to perform the contract manufacturing service, and the cost of resources used by the contract manufacturer
- B. The cost of itemsthat the original equipment manufacturer (OEM) owns and has provided to the contract manufacturer for use in the process of making the output Items
- C. The cost of resources consumed at the OEM's factory
- D. The cost of the contract manufacturing service Ite
- E. This is the price that the contract
- F. Manufacturer will charge to make the outputs and would normally be enough to cover their costs and include a fair profit.
NEW QUESTION 26
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