New World ERP - FM - Miscellaneous Billing
(66).webp "New World ERP - FM - Miscellaneous Billing - Quiz")
Congratulations on completing Miscellaneous Billing training! Now that you've been introduced to basics of this module, you should be able to pass with 80% or better accuracy.
Good luck!
- 1.
What is the correct navigation to set up a new Miscellaneous Billing Customer?
- A.
Financial Management > Miscellaneous Billing > Customers.
- B.
Financial Management > Miscellaneous Billing > Billing Invoice Batches.
- C.
Maintenance > Financial Management > Miscellaneous Billing > Adjustments.
- D.
Maintenance > Financial Management > Miscellaneous Billing > Invoice Types.
Correct Answer
A. Financial Management > Miscellaneous Billing > Customers.Explanation
The correct navigation to set up a new Miscellaneous Billing Customer is Financial Management > Miscellaneous Billing > Customers. This option directly leads to the customers section where new customers can be added for miscellaneous billing.Rate this question:
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- 2.
Which of the following can be assessed on Miscellaneous Billing Invoices?
- A.
Late fees.
- B.
Finance charges.
- C.
Both A & B
- D.
None of the above.
Correct Answer
C. Both A & BExplanation
Miscellaneous Billing Invoices can assess both late fees and finance charges. Late fees are charges imposed for payments made after the due date, while finance charges are fees applied to outstanding balances over a certain period of time. Therefore, both options A and B are correct as they accurately state the types of charges that can be assessed on Miscellaneous Billing Invoices.Rate this question:
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- 3.
Which of the following is NOT an attribute available to add information to a Miscellaneous Billing Customer?
- A.
Recurring invoices.
- B.
Contacts.
- C.
History.
- D.
User-defined fields.
Correct Answer
C. History.Explanation
The attribute "History" is not available to add information to a Miscellaneous Billing Customer. This means that there is no option to track or view the history of transactions or interactions with the customer in the context of miscellaneous billing.Rate this question:
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- 4.
All of the following are examples of reports that are able to be run for Miscellaneous Billing, EXCEPT:
- A.
Miscellaneous Billing Open Invoice Report.
- B.
Miscellaneous Billing Customer Balance Report.
- C.
Miscellaneous Billing Revenue Summary Report.
- D.
Miscellaneous Billing Balance Sheet.
Correct Answer
D. Miscellaneous Billing Balance Sheet.Explanation
The given answer is "Miscellaneous Billing Balance Sheet." This is because the question asks for examples of reports that can be run for Miscellaneous Billing, and all the other options listed are examples of such reports. The balance sheet, on the other hand, is a financial statement that shows the company's assets, liabilities, and equity at a specific point in time, and it is not specifically related to Miscellaneous Billing.Rate this question:
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- 5.
What is the correct navigation to record bad debt?
- A.
Financial Management > Miscellaneous Billing > Bad Debt.
- B.
Financial Management > Miscellaneous Billing > Adjustments.
- C.
Maintenance > Financial Management > Miscellaneous Billing > Adjustment Types.
- D.
Maintenance > Financial Management > Miscellaneous Billing > Invoice Types.
Correct Answer
A. Financial Management > Miscellaneous Billing > Bad Debt.Explanation
The correct navigation to record bad debt is Financial Management > Miscellaneous Billing > Bad Debt. This option specifically mentions "Bad Debt" which indicates that it is the correct choice for recording bad debt. The other options do not specifically mention bad debt and are related to adjustments, adjustment types, and invoice types, which are not directly relevant to recording bad debt.Rate this question:
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- 6.
The total amount of an invoice is:
- A.
The sum for each customer on the invoice.
- B.
The sum of the amounts for each billing code on the invoice.
- C.
The totals for each invoice type.
- D.
Any of the Above.
Correct Answer
B. The sum of the amounts for each billing code on the invoice.Explanation
The correct answer is the sum of the amounts for each billing code on the invoice. This means that the total amount of the invoice is calculated by adding up the individual amounts for each billing code listed on the invoice. This ensures that all the charges for different products or services are accounted for and included in the total amount due.Rate this question:
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- 7.
All of the following are ways to inquire on Miscellaneous Billing activities, EXCEPT:
- A.
Customers.
- B.
Invoice.
- C.
Billings by Invoice Type.
- D.
Vendor.
Correct Answer
D. Vendor.Explanation
This question is asking for the exception among the given options for ways to inquire on Miscellaneous Billing activities. The options include Customers, Invoice, Billings by Invoice Type, and Vendor. The correct answer is Vendor because inquiring about Vendor is not related to Miscellaneous Billing activities.Rate this question:
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- 8.
Which of the following is a Miscellaneous Billing adjustment method?
- A.
Reversal of a transaction.
- B.
Adjustment on a paid invoice.
- C.
Refunding of a customer's undesignated balance.
- D.
All of the above.
Correct Answer
D. All of the above.Explanation
The correct answer is "All of the above." This means that all of the options listed, including reversal of a transaction, adjustment on a paid invoice, and refunding of a customer's undesignated balance, are considered miscellaneous billing adjustment methods.Rate this question:
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- 9.
Miscellaneous Billing invoices are generated in which format?
- A.
Microsoft Word.
- B.
Microsoft Excel.
- C.
Lotus Notes.
- D.
HTML.
Correct Answer
A. Microsoft Word.Explanation
Miscellaneous billing invoices are generated in Microsoft Word format because Microsoft Word is a commonly used software for creating and formatting documents, including invoices. It provides a user-friendly interface with features like templates, formatting options, and the ability to add tables and calculations, making it suitable for creating professional-looking invoices. Microsoft Excel is primarily used for creating spreadsheets and performing calculations, while Lotus Notes is an email and collaboration platform, and HTML is a markup language used for creating web pages.Rate this question:
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- 10.
Which of the following is TRUE about Miscellaneous Billing?
- A.
The vendor list which used in Accounts Payable, may also be used as the Miscellaneous Billing customer list.
- B.
If a customer pays their Miscellaneous Billing invoice, the receipt is taken in through Revenue Collections.
- C.
Any payment code can be used with Miscellaneous Billing.
- D.
None of the above are true.
Correct Answer
B. If a customer pays their Miscellaneous Billing invoice, the receipt is taken in through Revenue Collections.Explanation
The correct answer is that if a customer pays their Miscellaneous Billing invoice, the receipt is taken in through Revenue Collections. This means that when a customer makes a payment for their Miscellaneous Billing invoice, the payment is recorded and processed through the Revenue Collections system. This indicates that Miscellaneous Billing is a part of the revenue collection process and not directly related to the vendor list or payment codes used in Accounts Payable.Rate this question:
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Jul 31, 2023Quiz Edited by
ProProfs Editorial Team -
Sep 25, 2013Quiz Created by
Loftin Latrese
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