Oracle Financials Cloud: Payables 2018 Implementation Essentials (1Z0-1005) Free Practice Test

Question 1

What are the two advantages of using a spreadsheet for correcting invoice import errors? (Choose two.)

A. identification of errors with clear error messages at the invoice header level only

B. ability to correct errors within the spreadsheet and send invoice corrections for approval

C. ability to correct errors and re-import invoices directly from a spreadsheet

D. ability to enter a high volume of invoices via a spreadsheet

E. identification of errors with clear error messages at the invoice header and line levels

Correct Answer: C,E

Question 2

The Accounts Payable Manager voided a foreign currency payment due to insufficient funds. Which three statements are correct? (Choose three.)

A. Any realized gain or loss previously calculated is reversed.

B. All related interest invoices are reversed if previously created.

C. Any previous accounting and payment records for an invoice are reversed.

D. Voiding the payment automatically places an invoice on hold.

E. All related withholding tax invoices are automatically voided.

Correct Answer: A,B,C

Question 3

Which two statements about the submission of invoices by suppliers using Supplier Portal are true? (Choose two.)

A. A supplier can submit a single invoice against multiple purchase orders across different currencies and organizations.

B. A supplier can submit a single invoice against multiple purchase orders, provided the currency and organization for all the invoice items are the same as those on the purchase orders.

C. A supplier can validate the invoice after submitting it.

D. A supplier can make changes to the invoice after submitting it.

E. A supplier can submit invoices against open, approved, standard, or blanket purchase orders that are not fully billed.

Correct Answer: C,E

Question 4

When submitting the Payables to General Ledger Reconciliation report, the extract did not select any data.
What should you check?

A. Make sure you specified a Business Unit in the parameters when running the extract.

B. Make sure you assign an Account parameter when running the extract to include liability accounts.

C. Make sure you assigned a Financial Category of Accounts Payable to all your liability natural account values.

D. Make sure you enabled the Reconciliation flag to all of your liability natural account values.

Correct Answer: C

Question 5

Which dashboard or workarea displays the Scanned Invoices region for invoices processed through the Payables Integrated Imaging solution?

A. Payables Dashboard only

B. Invoices Workarea only

C. Manage Invoices page

D. C-level executives

E. Payables Dashboard and Invoices Workarea

Correct Answer: B

Question 6

You are voiding a payment and have selected Cancel as the Invoice Action. After performing the void, you notice the invoice is not cancelled but has an Invoice Cancel hold on it.
What is reason for this?

A. The invoice date is not in the current open period.

B. The invoice has been partially paid by another payment.

C. The invoice accounting date is not in the current open period.

D. The invoice is already on hold.

Correct Answer: B

Question 7

You need to have an invoice line automatically distributed across multiple cost centers. For example, you want your monthly utility bill allocated across multiple cost centers based on a percentage.
Select two methods to achieve this. (Choose two.)

A. Define a distribution set and assign it manually to the invoice.

B. Choose the 'All Lines' option from the Allocate menu in the invoice line area.

C. Configure Subledger Accounting rules to allocate costs.

D. Define a distribution set and assign it to the supplier.

Correct Answer: A,C

Question 8

You have modified your tax setup and want to test the changes on actual Payables transactions. How do you validate before enabling for transaction?

A. by creating accounting in draft mode

B. Oracle Transactional Business Intelligence (OTBI)

C. by creating a payable invoice, and by validating and reviewing the tax application

D. by using Tax Simulator to test

E. by changing the tax status to test and then entering a payables invoice

Correct Answer: D

Question 9

An Office supplies company requires an advance payment of $8000 for the office supplies you wish to order.
You enter and pay a prepayment type invoice for $8000. You enter the standard invoice to book the expense which totals $10000 and you apply the prepayment to the standard invoice.
What are the accounting entries for that standard invoice with the prepayment application?

A. Invoice accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.
The prepayment application has no impact on the Invoice.

B. Invoice Accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.
Prepayment application - Dr Expense Account 8000 Cr Prepayment Account 8000.

C. Invoice accounting - Dr Expense Account 10000 Cr AP Liability Account 10000.
Prepayment application - Dr AP Liability 8000 Cr Prepayment Account 8000.

D. Invoice accounting - Dr Expense Account 10000 Cr AP Liability Account 10000.
Prepayment application - Dr AP Liability Account 2000 Cr Prepayment Account 2000.

Correct Answer: A

Question 10

You purchased a computer from Company A for 2000 USD. Company B ships you the computer with freight charges of 100 USD. You would like the cost of the computer to include those freight charges.
How can you achieve this?

A. Choose to Match in full to the Purchase Order.

B. Enter the Invoice manually and add the freight line.

C. Choose Match to Receipt.

D. Choose to Match to Receipt Charges.

E. Choose to Match to Invoice Lines.

Correct Answer: D

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Oracle Financials Cloud: Payables 2018 Implementation Essentials (1Z0-1005) Free Practice Test