Prepare with Oracle : 1Z0-1055-23 exam braindumps as your best preparation materials

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 allows approvers to review payments and decide whether or not to approve a payment.
• B. It defines a list of approvers who review payments and make final payment decisions.
• C. It defines criteria for triggering the payment approval process, such as payment amount, bank account, or pay group.
• D. It defines when to initiate the payment approval process.
• E. It determines which payments must go through the payment approval process.

Which three are valid reasons why you cannot close your Payables period? (Choose three.)

• A. Suppliers on payment holds
• B. Unaccounted invoices and payments
• C. Unapplied prepayments
• D. Bills payable requiring maturity
• E. Incomplete payment files

Which statement is true about selecting a bank account on the Create Payment page?

• A. Users can pick any bank account as long as the bank account is tried to the business unit.
• B. There is no relationship between the business unit, bank, and LE. Users can pick any bank account that is setup in their system.
• C. LE on the bank account should be different from the LE on the invoice.
• D. Bank account must match the supplier's bank account.
• E. LE on the bank account should be equal to LE on the invoice.

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

You have modified your tax setup and want to test the changes on actual Payables transactions. How do you validate before enabling for transaction?

• A. by changing the tax status to test and then entering a payables invoice
• B. Oracle Transactional Business Intelligence (OTBI)
• C. by creating accounting in draft mode
• D. by creating a payable invoice, and by validating and reviewing the tax application
• E. by using Tax Simulator to test

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 allows approvers to review payments and decide whether or not to approve a payment.
• B. It defines a list of approvers who review payments and make final payment decisions.
• C. It defines criteria for triggering the payment approval process, such as payment amount, bank account, or pay group.
• D. It defines when to initiate the payment approval process.
• E. It determines which payments must go through the payment approval process.

Which three are valid reasons why you cannot close your Payables period? (Choose three.)

• A. Suppliers on payment holds
• B. Unaccounted invoices and payments
• C. Unapplied prepayments
• D. Bills payable requiring maturity
• E. Incomplete payment files

Which statement is true about selecting a bank account on the Create Payment page?

• A. Users can pick any bank account as long as the bank account is tried to the business unit.
• B. There is no relationship between the business unit, bank, and LE. Users can pick any bank account that is setup in their system.
• C. LE on the bank account should be different from the LE on the invoice.
• D. Bank account must match the supplier's bank account.
• E. LE on the bank account should be equal to LE on the invoice.

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

You have modified your tax setup and want to test the changes on actual Payables transactions. How do you validate before enabling for transaction?

• A. by changing the tax status to test and then entering a payables invoice
• B. Oracle Transactional Business Intelligence (OTBI)
• C. by creating accounting in draft mode
• D. by creating a payable invoice, and by validating and reviewing the tax application
• E. by using Tax Simulator to test