Quiz 48 (Credit Memos)

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Question 1 of 4

1. Question
3 point(s)
Which of the following statements are true about credit memos?

Choose Three
- When you reverse a credit memo an invoice document is created.
- When a credit memo is posted both the quantity and the price is updated in the purchase order history.
- You post a credit memo when the price in the invoice is too high.
- A credit memo can be posted with reference to a purchase order or goods receipt.
- The credit memo is a document created by the customer and sent to the vendor informing them of a debt.
Correct

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Question 2 of 4

2. Question
1 point(s)
Which of the following documents listed below would you use to reverse part of an already posted invoice quantity?
- Credit Memo
- Subsequent Debit
- Subsequent Credit
- Invoice Document
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Question 3 of 4

3. Question
3 point(s)
Which of the following statements is true for GR/IR clearing account?

Choose Three.
- The GR/IR clearing account can be used to manually clear irregularities in goods receipt and invoice receipt postings.
- It is a holding account for funds that will be sent to the vendor at a later date.
- Account postings are made to the GR/IR clearing account only at the time of invoice posting.
- The GR/IR clearing account can be cleared both manually and automatically.
- The GR/IR clearing account can be use to clear quantity, price and date variances.
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Question 4 of 4

4. Question
2 point(s)
The GR/IR clearing account can be cleared automatically in case of the following events listed below.

Choose Two.
- If the vendor invoices for a quantity higher than was delivered and then makes an additional delivery at a later date for the overcharged quantity.
- If the vendor invoices for a quantity lower than was delivered and then sends a credit memo for the undercharged quantity.
- If the vendor invoices for a quantity higher than was delivered and then sends an additional invoice at a later date for the overcharged quantity.
- If the vendor invoices for a quantity lower than was delivered and then the company posts a return delivery at a later date for the undercharged quantity.
- If the vendor invoices for a quantity lower than was delivered and then makes an additional delivery at a later date for the undercharged quantity.
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Quiz 48 (Credit Memos)

Quiz 48 (Credit Memos)

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