1Z1-1005 Exam Training Practice Tests (Oracle Financials Cloud: Payables 2018 Implementation Essentials)]

Question 1

Your intercompany transaction type is active and enabled for invoicing. What are the two prerequisites to generate intercompany receivables and intercompany payable transactions after the Generate Intercompany Allocations process is run? (Choose two.)

A. Schedule create accounting for the intercompany process. B. Run the processes Create Intercompany transactions to Receivables and Create Intercompany transactions to Payables. C. Manual Approvals should be allowed for the transaction type. D. Run the processes Transfer Intercompany transactions to Receivables and Transfer Intercompany transactions to Payables. E. For the Legal Jurisdiction, Legal function: "Generate intercompany invoice" should be assigned. F. Supplier site primary pay flag and customer account bill to primary flag should be enabled.

Correct Answer: D,F

Question 2

Which three are invoice types that can be entered using the Supplier Portal? (Choose three.)

A. Invoices that are created from the Evaluated Receipt Settlement (ERS) process B. B2B XML invoices C. Purchase order matched invoices D. Invoices that are automatically created when the supplier creates an ASN for drop shipments E. Non purchase order matched invoices

Correct Answer: A,B,C

Question 3

If you accidentally paid an invoice using Create Payment flow, can you undo the operation?

A. no B. Cancel the invoice and create a new one. C. yes, by voiding the payment created D. yes, by canceling the payment process from the process monitor E. yes, by creating a credit memo to offset the payment

Correct Answer: C

Question 4

Which attributes on the payables invoice can be used during approval rule creation?

A. cost center segment and supplier only B. company and cost center segment only C. company segment, cost center segment, supplier, and Attribute 1 on the invoice line D. supplier only

Correct Answer: C

Question 5

You have just imported invoices from a spreadsheet. What is the validation status of the imported invoices?

A. Not Validated B. Imported C. Needs Revalidation D. Not Required E. Validated

Correct Answer: A

Question 6

Which two statements are true when you are using the Intercompany Reconciliation Reports? (Choose two.)

A. The reconciliation period summary report will not show the intercompany receivables and intercompany payables lines generated for the provider and receiver of each intercompany transaction. B. You can drill down on the links in the Period Summary report to view the balances by Intercompany Organization. C. The reports will include Ledger balancing lines generated when the primary balancing segment value is in balance but either the second balancing segment or the third balancing segment is out of balance. D. You must run the prepare Intercompany Reconciliation Reporting Information process. E. The reports will show the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.

Correct Answer: D,E

Question 7

What two job roles are required to access information within Functional Setup Manager? (Choose two.)

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

Correct Answer: C,D

Question 8

Which method can you use to route payment approval rules?

A. Both Parallel and Sequential B. Parallel C. Approval Groups D. Sequential E. Serial and FYI (For Your Information)

Correct Answer: C

Question 9

How will system evaluate the tolerances for expense reports?

A. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100). B. System will use absolute amount tolerance setup to do validations. C. System will calculate error tolerance as (|Policy Rate * (1+Error Tolerance/100)|) currency precision. D. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100)*currency precision. E. System will calculate error tolerance as Policy Rate * (1+Warning Tolerance+ Error Tolerance/100).

Correct Answer: E

Question 10

You are using both Procurement and Financials. You want the system to automatically accrue uninvoiced receipts. Select two true statements. (Choose two.)

A. For period end accruals, the invoice accounting debits the expense account and credits the liability account. B. For period end accruals, the invoice accounting for inventory items debits receipt inventory and credits the uninvoiced receipts. C. For perpetual accruals, the invoice accounting debits the accrual account and credits the liability account. D. For period end accruals, accounting is created at material receipt or at delivery to a final destination.

Correct Answer: A,C

Oracle Financials Cloud: Payables 2018 Implementation Essentials - 1Z1-1005 Exam Practice Test