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1. In which two scenarios would you define account rules based on value sets?
A) In the absence of a chart of accounts on the accounting method
B) When a chart of accounts is assigned to the value set definition
C) If a segment shares the same value set across multiple chart of accounts
D) When there is a mapping set to convert the accounts
E) When a secondary ledger has a different COA
2. If the accounting method does not have an assigned chart of accounts (COA), which option is valid?
A) The accounting method may only be used by ledgers without a COA.
B) Any secondary ledger that uses the method cannot have a COA.
C) The accounting method can be assigned to any ledger.
D) The accounting method must have a mapping set to convert the accounts.
E) Accounting rules cannot override the accounting method.
3. You can track costs at what granularity level in Cost Accounting for the actual costing method?
A) Subinventory, Lot, Serial, Locator
B) Grade, Subinventory, Locator, Serial
C) Subinventory, Make, Lot, Serial
D) Grade, Serial, Group, Lot
E) Subinventory. Lot, Serial, Grade
4. Identify the four types of cost adjustments.
A) Authorized users can manually create cost adjustments.
B) A standard cost update will create an inventory value adjustment.
C) A retroactive purchase order price adjustment can cause an adjustment to the inventory value and the cost of goods sold.
D) A change to a requisition after the purchase order has been created will create a cost adjustment.
E) A revenue recognition event, which in turn triggers a cost of goods sold recognition event, can cause a cost adjustment.
F) When a supplier invoice is processed in accounts payable, it can cause an adjustment to the inventory value and the cost of goods sold if the amounts processed for payment are different from the estimated amount on the purchaseorder.
5. What are three cost method choices that are available in Cost Accounting?
A) Actual cost (LIFO or Last In First Out)
B) Periodic average cost
C) Perpetual average cost
D) Period end average cost
E) Actual cost (FIFO or First In First Out)
F) Standard cost
Solutions:
| Question # 1 Answer: C,D | Question # 2 Answer: C | Question # 3 Answer: E | Question # 4 Answer: B,C,E,F | Question # 5 Answer: A,C,E |
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