Oracle Financials Cloud: Payables 2023 Implementation Professional

Question 1

You have two business units, Vision Operations and Vision Services. How can you enable expense auditors to audit expense reports for specific business units?

A. Assign the Expense Auditor job roles to each auditor.

B. Use segment valuesecurity rules to secure access to business units.

C. Assign the Expense Auditor as the owner of each business unit.

D. Assign the Expense Auditor Vision Operations and Expense Auditor Vision Services data roles to each Expense Auditor.

Correct Answer: B

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Question 2

You have invoices with distributions across primary balancing segments that represent different companies.
What feature should you use if you want the system to automatically balance your invoice's liability amount across the same balancing segments on the invoice distributions?

A. Payables' Allow Reconciliation Accounting

B. Suspense Accounts

C. Payable's Automatic Offset

D. Intercompany Balancing

E. Subledger Accounting's Account Rules

Correct Answer: C

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Question 3

You need to submit a 1099 report; your State format has changed slightly since last year. How should you submit your 1099s for the State in the current year?

A. Run and submit your 1099s because it will automatically reflect any changes.

B. Edit the 1099 template to reflect the changes, and then run and submit the 1099 report.

C. Manually enter the 1099s for the State and submit.

D. Generate a 1096 form and submit it instead.

Correct Answer: B

Question 4

You have created an approval rule as follows:
Rule 1: If the invoice amount > $1000, route it to User 1.
Rule 2: If the invoice amount < $1000, auto approve it.
Now, the user creates an invoice for $1000 and routes it for approval.
What will happen?

A. The initiate option is greyed out for the invoice.

B. Invoice will be sent to User 1 for approval.

C. The workflow will fail once approval is initiated.

D. Invoice will be auto-approved.

Correct Answer: B

Question 5

Your company wants to generate intercompany transactions in USD but only if the amount involved is $3,000 USD or more. Which two intercompany system options are valid?

A. Approval rules need to set the allow of the intercompany transactions to be routed to the receiver or provider.

B. Intercompany invoices will be generated for the minimum accountable amount set at the payable invoice options and receivable system options.

C. Set the intercompany system option minimum transaction amount to $ 3,000 USD.

D. Set the intercompany system option minimum transaction amount to $2,999.99 USD.

E. You cannot update the minimum transaction currency when intercompany currency is entered.

Correct Answer: B,D

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Question 6

A company is centralizing their payment processing using the service provider model.
Which reporting level has to be used to run the Prepare Payables to General Ledger Reconciliation report?

A. Run the Prepare Payables to General Ledger Reconciliation report at Business Unit level.

B. Run the Prepare Payables to General Ledger Reconciliation report at Ledger level.

C. Run the Prepare Payables to General Ledger Reconciliation report for combination of Ledger and Balancing Segment Value.

D. Running the Prepare Payables to General Ledger Reconciliation report is NOT available when there is a centralized payment processing.

Correct Answer: D

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Question 7

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 invoices are placed on payment hold.

B. The status of the payment file is Terminated.

C. The status of each payment in the payment file is Cancelled and the related documents are available for future selection.

D. The status of the payment file is Cancelled.

E. The status of each payment in the payment file is Terminated.

Correct Answer: C,D

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Question 8

You want to customize the Payables Invoice Register template to only display invoices when the Supplier name is Company A. Supplier name is a group that repeats on every page.
Which is the correct way to customize the template?

A. Hard code Supplier Name "Company A" in the report template and only invoices for that supplier will be displayed.

B. Insert the syntax <?if:condition?> before the Supplier field and then enter the closing tag </<?if:condition?>.

C. Insert the syntax <?if:VENDOR_NAME= 'COMPANY A'?> before the Supplier field on the template. Then, enter the <?end if?> tag after the invoices table.

D. Insert the syntax <?if:'COMPANY A'?> before the Supplier field and then enter the closing tag </<?if:COMPANY A?> after the invoices table.

Correct Answer: D

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Question 9

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 determines which payments must go through the payment approval process.

B. It allows approvers to review payments and decide whether or not to approve a payment.

C. It defines when to initiate 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.

Correct Answer: A,D,E

Oracle Financials Cloud: Payables 2023 Implementation Professional - 1Z0-1055-23 Exam Practice Test

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