Oracle 1Z0-1055-23 Questions | Latest Test 1Z0-1055-23 Simulations

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Oracle Financials Cloud: Payables 2023 Implementation Professional Sample Questions (Q75-Q80):

NEW QUESTION # 75
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 when to initiate the payment approval process.
B. It defines a list of approvers who review payments and make final payment decisions.
C. It allows approvers to review payments and decide whether or not to approve a payment.
D. It determines which payments must go through the payment approval process.
E. It defines criteria for triggering the payment approval process, such as payment amount, bank account, or pay group.

Answer: B,D,E

NEW QUESTION # 76
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 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).
B. 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).
C. The tax calculated on the prepayment is reversed completely and the tax rateapplied to the invoice line is retained.
D. The tax for the prepayment is recalculated and the generated tax line amount will be $250 USD (5% * 10,000-5000).

Answer: D

Explanation:
When you apply a prepayment to an invoice, the tax rate at the time of prepayment may differ from the tax rate at the time that the prepayment is applied to an invoice. Oracle Fusion Tax considers the tax calculated on the prepayment according to the value assigned to the Applied Amount Handling option in the tax record. The values are Recalculated and Prorated.
For example, you apply a prepayment amount of 5,000 USD to an invoice with a total amount of10,000 USD. At the time of prepayment, the applicable tax rate was 5% (250 USD tax on the prepayment); at the time of invoice creation, the applicable tax rate is 10%. Tax is calculated in this way:
* Recalculated: The tax is recalculated on the prepayment using the invoice tax rate and the same tax rate is applied to the invoice line amount. The tax calculation creates two tax lines: one for the invoice line amount and one for the prepayment with a negative amount. In the invoice example, the calculationcreates an invoice line amount tax line of 1,000 USD (10% * 10,000 USD) and a prepayment tax line of -500 USD (10% * -5000 USD). This reverses tax calculated on the invoice for the prepayment amount applied. The tax calculated on the prepayment is retained.
* Prorated:Etc.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAFTT/F1006655AN242EE.htm

NEW QUESTION # 77
What is the invoice type of an unapproved, unmatched invoice that was created in the Supplier Portal?

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

Answer: C

Explanation:
Standard invoice request: An invoice submitted without a purchase order by a supplier through Oracle Fusion Supplier Portal thatis pending review and approval by the appropriate persons within the deploying company.
References:https://docs.oracle.com/cd/E37583_01/doc.1116/e22897/F431919AN100ED.htm

NEW QUESTION # 78
Which reporting tool is used to report on real-time data?

A. Oracle Transactional Business Intelligence (OTBI)
B. Essbase Cube
C. Oracle Business Intelligence Publisher
D. Oracle Financial Reporting Studio
E. Smart View

Answer: B

NEW QUESTION # 79
During an expense audit the auditor marks an expense item that is missing a receipt to be Short Paid. They choose to complete the audit and warn the user.
Given that the Expense Report Audit Approval is set to After Manager Approval, what two are valid results of the auditor action?

A. New expense report containing disallowed expense items is not created until manager approves the short payment.
B. The approved part of the expense report is eligible for expense reimbursement.
C. New expense report containing disallowed expense items is immediately created.
D. Approved part of the expense report is not eligible for expense reimbursement.

Answer: C,D

Explanation:
New expense report containing disallowed expense items is immediately created.
Expense report isn't eligible for expense reimbursement.

NEW QUESTION # 80
......

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Oracle 1Z0-1055-23 Questions | Latest Test 1Z0-1055-23 Simulations

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Oracle Financials Cloud: Payables 2023 Implementation Professional Sample Questions (Q75-Q80):

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