CITM-001 Practice Questions

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NEW QUESTION: 1
You are setting up settlement periods for the purpose of using conditional sales tax. You plan on creating one settlement period for conditional sales tax and another settlement period for reporting sales tax to the authorities.
One of your coworkers wants to know your reason for creating separate settlement periods.
Which two reasons should you give your coworker? Each correct answer presents a complete solution.
(Choose two.)
A. It prevents conditional sales tax from being reported incorrectly
B. Some countries legally require separation of settlement periods
C. Setting up two settlement periods is mandatory in the system, no matter what type of sales tax
D. It allows you to generate a report that displays undeclared conditional sales tax amounts
Answer: D

NEW QUESTION: 2
Due to limited storage capacity, an organization has decided to reduce the actual retention period for media containing completed low-value transactions. Which of the following is important for the organization to ensure?
A. The policy includes a strong risk-based approach.
B. The retention period allows for review during the year-end audit.
C. The retention period complies with data owner responsibilities.
D. The total transaction amount has no impact on financial reporting.
Answer: C

NEW QUESTION: 3
You are developing a detailed critical path schedule for a proposed petrochemical plant. The schedule will become a part of the project baseline document, which will be sent to the company's board of directors for its consideration. What document or resource is likely to be MOST valuable in determining the schedule's work activity durations?
A. The Petrochemical Industry New Plant Task Duration Handbook.
B. The cost estimate for the plant prepared by your firm's estimating department.
C. Industry publications.
D. Critical path schedules prepared by you for similar completed projects.
Answer: D