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1. Identify four features provided by the Review Work Order Costs UI when displaying work order
A) Input Costs
B) Scrap Costs
C) Standard Cost variances
D) Variable Costs
E) Incremental Costs
F) Output Costs
2. Identify two ways that standard cost is calculated.
A) The cost of a configured item is calculated based on the work definition of the model item.
B) The standard cost of the configured item is based on the purchase order price quoted by the
C) The roll-up calculation can be performed to update standard costs for Cost Accounting purposes
D) Users must manually enter the cost of each configured item; the calculation is not automated.
E) The standard cost is the sum of the cost of the selected option items.
3. Identify the four types of cost adjustments.
A) A standard cost update will create an inventory value adjustment.
B) A retroactive purchase order price adjustment can cause an adjustment to the inventory value and the cost of goods sold.
C) Authorized users can manually create cost adjustments.
D) A change to a requisition after the purchase order has been created will create a cost adjustment. D. A revenue recognition event, which in turn triggers a cost of goods sold recognition event, can cause a cost adjustment.
E) 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.
4. Which two steps need to be completed to estimate landed costs?
A) Update standard costs.
B) Allocate charges
C) Transfer transactions from the Payables to the Costing process.
D) Prepare the Material Purchase Order Data process.
E) Transfer transactions from the Inventory to the Costing process.
5. When attempting to open costing periods, your customer is receiving the following error:
Error: You do not have the required permission. You can request that your help desk change your security settings.
What configuration needs to be done so your customer will be able to open the Cost Accounting period?
A) Create Data Access on the Accounts Payable role for the correct inventory organization.
B) Create Data Access on the Cost Accountant role for the correct inventory organization.
C) Create Data Access on the Accounts Payable role for the correct cost organization.
D) Create Data Access on the Cost Accountant role for the correct cost organization.
Solutions:
| Question # 1 Answer: A,B,C,F | Question # 2 Answer: C,E | Question # 3 Answer: A,B,C,E | Question # 4 Answer: B,D | Question # 5 Answer: D |
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