Passing exam with 1Z0-1055-23 latest training materials

You entered an invoice of 12,000 and paid it for Office Suppliers. The payment was never received by the supplier, and you decide to return the entire order. What should you do?

• A. Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits the expense.
• B. Cancel the invoice, which debits the liability and credits the expense.
• C. Void the payment, which debits cash and credits the liability, and then issue a credit memo, which debits the liability and credits the expense.
• D. Issue a credit memo, which will debit the liability and credit the expense.

An invoice for $200 USD and a credit memo for $225 USD are due for payment and the "Apply credits up to zero amount" option is enabled for the payment process request. Which statement is correct?

• A. The payment process request pays only $200 USD alone.
• B. The payment process request creates a refund for $225 USD and leaves the invoice unpaid.
• C. The payment process request doesn't select the invoice or credit memo for payment because the credit reduces the payment to - $25 USD, which is below zero.
• D. The payment process request applies $200 USD of the credit memo to the invoice, leaving a remaining credit of $25 USD, and creates a payment for $0 USD.

Which two statements are true when you are using the Intercompany Reconciliation Reports?

• A. You can drill down on the links in the Period Summary report to view the balances by Intercompany Organization.
• B. The reports will show the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.
• C. The reports will include Ledger balancing lines generated when the primary balancing segment value is in balance but either the second balancing segment or the third balancing segment is out of balance.
• D. The reconciliation period summary report will not show the intercompany receivables and intercompany payables lines generated for the provider and receiver of each intercompany transaction.
• E. You must run the prepare Intercompany Reconciliation Reporting Information process.

What is the invoice type of an unapproved, unmatched invoice that was created in the Supplier Portal?

• A. Supplier payment request
• B. Standard Invoice
• C. iSupplier Invoice
• D. Credit Memo
• E. Standard invoice request

You are using the Payable's Deferred Expense feature (also known as Multiperiod Accounting). You have entered an invoice for a three-month lease that is entered on Jan 10th. The total expense is $12,000 and it covers the rental period from Jan 1st to Mar 31st.
Assuming that the rental expenses are split evenly per month and a monthly accounting calendar is used, what would the accounting entry be?

• A. On Jan 10th, Debit Prepaid Expense for 12,000 and Credit Liability 12,000
• B. On Jan 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
• C. On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000 and thenOn Jan 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
• D. On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Jan 10th, Debit Rental Expense for 12,000 and Credit Cash for 12,000