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Question 1

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.

The installment was manually removed.
The invoice has not been accounted.
The pay-through date is in a future period.
The pay-through date is in a closed Payables period.
The invoices need revalidation.

Correct answer: AE

Explanation:

Reference https://docs.oracle.com/cd/E37017_01/doc.1115/e22897/F438410AN16238.htm

Question 2

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?

On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000
and then
On Jan 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000
On Feb 28st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000
On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000
On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000
On Jan 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000
On Feb 28st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000
On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000
On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000

Correct answer: A

Question 3

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

The purchase order payment term cannot be overridden.
The user needs to manually change the payment term on the invoice to match the purchase order payment term.
The user needs to specify which payment term to use.
The payment term of the invoice overrides the purchase order payment term.
The payment term of the purchase order overrides the invoice payment term.

Correct answer: B

Question 4

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

Payable options are receivable system options should have same tax application options.
Tax for inter-company is to be loaded using Create Taxable Transactions in Spreadsheet.
First enter Payable transaction to calculate tax and then for Receivable Transaction.
You should check if any specific rules defined should cover both Sales_transaction and purchase_transaction business category.
Ensure that both the receiver and provider business units and legal entities are subscribed to the applicable tax regime on the transaction date.

Correct answer: CE

Question 5

You want your expense auditors to audit only expenses reports for specific business units. How do you do this?

Create a custom duty role and assign the data roles to each auditor.
Assign the auditors specific data roles for the corresponding business units.
Create your own audit extension rules that correspond to the business unit.
Make auditors the managers of the corresponding business unit to route expense reports properly.

Correct answer: B

Explanation:

Reference http://docs.oracle.com/cd/E29597_01/fusionapps.1111/e20375/F569964AN64F1E.htm

Question 6

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?

Set the validation failure handling for documents to “show errors”.
Set the validation failure handling for payments to “show errors”.
Enable debug for the payment format program.
Set the validation failure handling for payments to “stop process for review”.

Correct answer: D

Explanation:

Reference https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011879.htm

Question 7

You want to have an 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.

Select two methods to achieve this.

Customize the Subledger Accounting rules to allocate costs.
Define a distribution set and assign it manually to the invoice.
Enter the invoice in Payables and then use general ledger’s Calculation Manager to allocate the costs.
Define a distribution set and assign it to the supplier.

Correct answer: AB

Question 8

Which two statements are true when you are using the Intercompany Reconciliation Process?

Transaction Summary Report will show only transactions with status received.
The reconciliation period summary report will show the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.
Ledger balancing lines are 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.
You must run the Extract Intercompany Reconciliation Data job.
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.

Correct answer: CE

Explanation:

Reference https://docs.oracle.com/cloud/latest/financialscs_gs/OCUAR/OCUAR1559315.htm#OCUAR1559315

Question 9

What happens if a company runs the Payables Unaccounted Transactions Sweep program for February 2016 if the invoices with a Hold status have an invoice date of January 20, 2016?

The accounting dates of all unaccounted invoices will change to February 28, 2016, the last day of the next period.
The accounting dates of all unaccounted invoices will remain unchanged at January 20, 2016.
The accounting dates of all unaccounted invoices will be changed to February 1, 2016, the first day of the next period.
The accounting dates of all unaccounted invoices will be changed to February 20, 2016, the same day of the next period.

Correct answer: A

Question 10

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?

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

Correct answer: A

Explanation:

Reference https://docs.oracle.com/cloud/latest/financialscs_gs/FAUGL/FAUGL1476872.htm

Exam	Oracle Financials Cloud: Payables 2017 Implementation Essentials
Number	1z0-961
File Name	Oracle.1z0-961.PassGuide.2017-12-04.73q.vcex
Size	62 KB
Posted	Dec 04, 2017
Download	Oracle.1z0-961.PassGuide.2017-12-04.73q.vcex

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