Oracle Fusion Financial Payables Certification:1Z0-1055-20

Question 128

An installment meets all of the selection criteria of a Payment Process Request, but it still did not get selected for payment processing. Identify two reasons for this.

 A. The installment was manually removed.

 B. The invoice has not been accounted.

C. The pay-through date is in a future period.

 D. The pay-through date is in a closed Payables period.

 E. The invoices need re-validation.

Answer A & E

Answer Explanation: NA

Oracle Fusion Financial Payables Certification:1Z0-1055-20

Question 129

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 12,000and then On Jan 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000

 B. On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000

C. On Jan 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000

 D. On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000On Jan 10th, Debit Prepaid Expense for 12,000 and Credit Liability for 12,000

 

Answer: A

Answer Explanation: NA

  

Question 130

Which statement is correct if the payment terms entered in the invoice differ from the payment terms on the purchase order?

 

A. The purchase order payment term cannot be overridden.

B. The user needs to manually change the payment term on the invoice to match the purchase order payment term.

C. The user needs to specify which payment term to use.

D. The payment term of the invoice overrides the purchase order payment term.

E. The payment term of the purchase order overrides the invoice payment term.

 

 

Answer: B

Answer Explanation: NA

 

Question 131

Which two setups are required to ensure the same tax is applied on both intercompany payable and receivable invoice?

 A. Payable options are receivable system options should have same tax application options.

B. Tax for inter-company is to be loaded using Create Taxable Transactions in Spreadsheet.

C. First enter Payable transaction to calculate tax and then for Receivable Transaction.

D. You should check if any specific rules defined should cover both Sales transaction and purchase transaction business category.

 E. Ensure that both the receiver and provider business units and legal entities are subscribed to the applicable tax regime on the transaction date.

 

Answer: C & E

Answer Explanation: NA

 

Question 132

The payment build program has completed but with errors. When submitting the payment process request, which processing option is used to review the error messages from the Manage Payment Process Request Inquiry?

A. Set the validation failure handling for documents to “show errors”.

 B. Set the validation failure handling for payments to “show errors”.

C. Enable debug for the payment format program.

D. Set the validation failure handling for payments to “stop process for review”.

 

Answer: D

Answer Explanation: NA