Process Journals and Payments MB-800 Practice Questions (Page 9)

Questions 41–45

1. 41foundation · easy

   What is the purpose of general ledger allocations in Business Central?

   • ATo distribute amounts from one account to multiple accounts
   • BTo reverse posted entries
   • CTo adjust currency exchange rates
   • DTo reconcile bank accounts
   Reveal Solution Discussion Select an answer first
2. 42expert · hard

   A company posts a payment journal that includes a payment to a vendor. After posting, the accountant realizes the payment was applied to the wrong invoice, but the bank reconciliation for the period has already been completed. What is the best course of action?

   • ALeave the application as is and adjust the invoice balance manually.
   • BPost a credit memo to the vendor and apply it to the wrong invoice.
   • CUndo the bank reconciliation, then undo the application and reapply to the correct invoice.
   • DReverse the payment and re-enter it with the correct invoice.
   Reveal Solution Discussion Select an answer first
4. 43application · medium

   A company posted a vendor payment in the Payment Journal but later realized the payment was for the wrong amount. The accountant wants to correct this. What should the accountant do?

   • AUse the General Journal to post an adjustment to the vendor account.
   • BPost a new payment for the difference and apply it to the same invoice.
   • CReverse the posted payment and then enter a new payment with the correct amount.
   • DEdit the posted payment line directly in the Payment Journal.
   Reveal Solution Discussion Select an answer first
5. 44expert · hard

   A company receives a payment from a customer that covers multiple invoices, but the payment amount is slightly less than the total due because of a rounding difference. The accountant wants to apply the payment to all invoices and write off the rounding difference. What should the accountant do?

   • AEnter the payment in the cash receipt journal, use the Apply Entries page to select all invoices, and enter the rounding difference as a write-off.
   • BCreate a credit memo for the rounding difference and apply it to the invoices.
   • CApply the payment to the largest invoice and leave the others unapplied.
   • DPost the payment as unapplied and then manually adjust each invoice balance.
   Reveal Solution Discussion Select an answer first
6. 45expert · hard

   A company has a bank account in a foreign currency and several open customer invoices in the same currency. The accountant runs the Adjust Exchange Rates batch job, but the resulting revaluation entries are not posting to the expected unrealized gain/loss accounts. What should the accountant check first?

   • AThe bank reconciliation status for the affected entries.
   • BThe bank account's currency code and the customer's currency code.
   • CThe exchange rate posting setup for the currency and the unrealized gain/loss accounts.
   • DThe dimension codes on the open entries.
   Reveal Solution Discussion Select an answer first