Oracle Financials Cloud 1Z0-1055-23

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Oracle 1Z0-1055-23 Exam Syllabus Topics:

Oracle Financials Cloud: Payables 2023 Implementation Professional Sample Questions:

1. 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 Expense Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr AP Liability Account 2000 Cr Prepayment Account 2000.
B) Invoice accounting - Dr Expense Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr AP Liability 8000 Cr Prepayment Account 8000.
C) Invoice accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.The prepayment application has no impact on the Invoice.
D) Invoice Accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr Expense Account 8000 Cr Prepayment Account 8000.

2. An installment for $1,000 USD is due for payment on January 10, 2019. The installment has two discounts: the first discount date is December 5, 2018 for $150 USD and the second discount date is December 20, 2018 for $50 USD. The Pay Date Basis on the supplier site is Discount.
You submit a Payment Process Request with the following criteria:
Payment Date = December 5, 2018
Pay Through Date = December 25, 2018
Date Basis = Pay Date
Always Take Discount option is enabled
What will be the resulting status of the installment and discount?

A) The installment is selected and a discount of $50 USD (the second discount) is applied.
B) The installment is selected and a discount of $200 USD ($150 + $50) is applied.
C) The installment is not selected because the first discount date is before the Pay Through Date.
D) The installment is selected but no discount is applied because the payment date is after the discount dates.
E) The installment is selected and a discount of $150 USD is applied because the Always Take Discount option was enabled.

3. 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) Any previous accounting and payment records for an invoice are reversed.
C) All related withholding tax invoices are automatically voided.
D) All related interest invoices are reversed if previously created.
E) Voiding the payment automatically places an invoice on hold.

4. You need to have your 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.
Which two are valid methods to achieve this?

A) Choose the ,All Lines, option from the Allocate menu in the invoice line area.
B) Define a payment term and assign it to the invoice.
C) Define a distribution set and assign it to the supplier.
D) Define a distribution set and assign it manually to the invoice.

5. A company has three legal entities each with a corresponding business unit all within the same country. All organizations buy and sell the same products. You are configuring the tax setup.
What is the minimum number of Tax Regimes you need to configure for this company?

A) 2
B) 3
C) 1
D) 6

Solutions: