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Oracle Financials Cloud: Payables 2023 Implementation Professional Sample Questions:

Question 1

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

Question 2

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

Question 3

What is the invoice type of an unapproved, unmatched invoice that was created in the Supplier Portal?

A. Supplier payment request
B. iSupplier Invoice
C. Standard Invoice
D. Credit Memo
E. Standard invoice request

Question 4

You applied a prepayment amount of $5,000 USD to a $10,000 USD invoice. At the time of prepayment, the applicable tax rate was 5% ($250 USD); at the time of invoice creation, the tax rate is 10%. When you set up taxes, you choose to Recalculate Taxes for the Applied Amount Handling option.
How will the resulting tax be calculated?

A. The tax for the prepayment is recalculated and the generated tax line amount will be $250 USD (5% * 10,000-5000).
B. The tax calculated on the prepayment is reversed completely and the tax rateapplied to the invoice line is retained.
C. The tax for the prepayment is recalculated to use the new invoice tax rate that is also used for the invoice line amount. The two generated tax lines show $1,000 USD (10% * 10,000) for the invoice line tax amount and a prepayment tax line of -500 USD (10% * -5000).
D. The tax calculation creates two tax lines: one for the invoice line amount and one for the prepayment with a negative amount. The two generated tax lines show $1,000 USD (10% * 10,000) for the invoice line tax amount and a prepayment tax line of -250 USD (5% * -5000).

Question 5

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

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

Solutions: