Oracle Financials Cloud: Payables 2023 Implementation Professional: 1Z0-1055-23 Exam Premium File as PDF & Test Engine

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Oracle Financials Cloud: Payables 2023 Implementation Professional Sample Questions:

1. You are using the Payable's Deferred Expense feature (also known as Multiperiod Accounting). You have entered an invoice for a three-month lease that is entered on Jan 10th. The total expense is $12,000 and it covers the rental period from Jan 1st to Mar 31st.
Assuming that the rental expenses are split evenly per month and a monthly accounting calendar is used, what would the accounting entry be?

A) On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000 and thenOn Jan 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
B) On Jan 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
C) On Jan 10th, Debit Prepaid Expense for 12,000 and Credit Liability 12,000
D) On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Jan 10th, Debit Rental Expense for 12,000 and Credit Cash for 12,000

2. Before you can configure payment approval rules, your company must define a payment approval policy. Which three are done by the payment approval policy? (Choose three.)

A) It allows approvers to review payments and decide whether or not to approve a payment.
B) It defines when to initiate the payment approval process.
C) It determines which payments must go through the payment approval process.
D) It defines a list of approvers who review payments and make final payment decisions.
E) It defines criteria for triggering the payment approval process, such as payment amount, bank account, or pay group.

3. Which job role has full access to perform all Functional Setup Manager related activities?

A) Application System Administrator
B) IT Security Manager
C) Application Implementation Consultant
D) Functional Setup Manager Superuser
E) Any Functional User

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

A) Make sure you assign an Account parameter when running the extract to include liability accounts.
B) Make sure you enabled the Reconciliation flag to all of your liability natural account values.
C) Make sure you assigned a Financial Category of Accounts Payable to all your liability natural account values.
D) Make sure you specified a Business Unit in the parameters when running the extract.

5. A Payment Process Request was submitted and errors were found in the payment file. The payment file and process were terminated.
Which two statements are true?

A) The status of each payment in the payment file is Terminated.
B) The status of the payment file is Cancelled.
C) The invoices are placed on payment hold.
D) The status of each payment in the payment file is Cancelled and the related documents are available for future selection.
E) The status of the payment file is Terminated.

Solutions: