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|Full Exam Name:||BEAC Health and Safety Part 2 Test|
|Vendor Name:||IIA Certifications|
|Exam Code:||IIA-BEAC-HS-P2 Exam|
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NEW QUESTION: 1
An invoice is created, paid, and is accounted for. Two adjustments are made to the invoice and validated with the same accounting date.
Which statement is correct?
A. The Payment Adjustment Event created in the first instance will be overwritten by the second.
B. A Payment Adjustment Event is created in the second instance even though the first event had NOT been accounted.
C. A Payment Adjustment Event is created for both adjustments.
D. Only one Payment Adjustment Event is created because the first Payment Adjustment Event has NOT been accounted.
E. A Payment Adjustment Event is NOT created in both the cases.
Note: Payment Adjustment Event A payment adjustment event occurs when you change the invoices recorded on a Manual payment. For the newly selected invoices, the accounting entries for this event relieve the liability accounts in the amount of the payment. For the originally paid invoices, the entries reverse the invoice liability that the payment had relieved. Payables also reverses any gains or losses for the originally paid invoices, and records any gains or losses for the newly selected invoices.
Payables creates accounting entries for this event only if the Account for Payment When Payment is Issued option is enabled in the Payables Options window. For payments the accounting date for this event is the payment date. If the payment date is in a closed period, then the GL Date is the first day of the next open period
NEW QUESTION: 2
A. Option B
B. Option C
C. Option A
D. Option D
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