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Answer the following questions to see what you've learned.

1.

How can you set up USD as the local currency (LCY)?

On the General FastTab on the General Ledger Setup page, enter USD in the LCY Code field.

First create USD as a currency and then select USD in the LCY Code field on the General FastTab on the General Ledger Setup page.

Create USD as a currency, and on the Currency Card page, select the LCY field.

When the country code in the company information is US, then USD will be the local currency by default.

2.

You always want to display local currency monetary amounts with two decimal places. On the General Ledger Setup page, you need to set up the appropriate field with the appropriate value. What should you do?

Set the value of the Unit-Amount Decimal Places option to 2:2.

Set the value of the Invoice Amount Decimal Places option to 2:2.

Set the value of the Inv. Rounding Precision option to 0.01.

Set the value of the Amount Decimal Places option to 2:2.

3.

You want to use a payment tolerance of 2 percent for the local currency (USD) and 3 percent for the euro currency. How can you complete this task?

It isn't possible to complete this task. All currencies use the percentage that you enter in the general ledger setup.

Leave the Payment Tolerance % field on general ledger setup blank and then enter the payment tolerances for each currency separately.

On the General Ledger Setup page, enter the payment tolerance percentages for each currency.

On the General Ledger Setup page, enter the Change Payment Tolerance percentage for the local currency. On the currency card for euro, enter the Change Payment Tolerance percentage for euro.

You must answer all questions before checking your work.

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