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.
You are verifying your distributions for your transactions. You Just ran the receipt accounting distribution
process. However, your purchase order receipt is not showing up.
What do you need to do for your receipt to show up?
A. Run the Transactions from Procurement to Costing process.
B. Run the Transfer Costs from Payables to Cost Management process.
C. Run the Create Accounting process.
D. Run the Clear Receipt Accrual Balances process.
E. Run the Transactions from Receiving to Costing process.
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
At what level can you define item cost profiles?
A. Item cost profiles are defined within an inventory organization. There can be only one cost method for an inventory organization.
B. Cost profiles are ultimately defined at the item level. Different items within the same inventory organization can use different cost profiles.
C. Item cost profiles are defined at the cost organization level. All items within a cost organization must use the same cost profile.
D. Different items within an inventory organization can use different cost profiles, but items within an item category must all use the same cost profile because that is the level at which the default cost profile is defined.
A manager has decided to close the period by not allowing any new transactions, except for corrections and adjustments, which can happen any time before the period is closed permanently. Which cost period status will allow the system to perform the transaction?
A. Open
B. Closed
C. Permanently Closed
D. Never Opened
E. Close Pending
Landed Cost Variance Analysis can be performed based on which three dimension combinations?
A. Business Unit/Landed Cost Charge/Cost Organization
B. Item/Business Unit/Route
C. Item Category/Material Supplier/Landed Cost Charge
D. Inventory Organization/Landed Cost Charge/Third Party Supplier
E. Item Catalog/Inventory Organization/Business Unit
Your client needs to import the relevant transactions and tax determinants for their expense items into Receipt Accounting. What is the correct sequence of processes to accomplish this?
A. Transfer Transactions from Receiving to Costing, Transfer Costs to Cost Management
B. Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing
C. Transfer Costs to Cost Management, Transfer Transactions from Receiving to Costing
D. Transfer Transactions from Inventory to Costing, Transfer Costs to Cost Management
E. Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing
F. Transfer Costs to Cost Management, Transfer Transactions from Inventory to Costing
Identify four reasons to use the set ID when defining Cost Accounting setups. (Choose four)
A. You can share definitions across multiple cost organizations.
B. You can control which definitions are visible to different cost organizations
C. You can streamline your setup effort.
D. You have the option to share setup data across all cost organizations using the common set.
E. You can take advantage of the business unit-to-set ID mapping defined in Cost Accounting.
F. You don't have to create any definitions for cost books.
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.
Identify two purposes of Sub ledger Accounting.
A. to maintain backward compatibility
B. to obtain detailed information for audit purposes 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
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