Oracle Financials Cloud: Payables 2018 Implementation Essentials

Here you have the best Oracle 1z0-1005 practice exam questions

You have 71 total questions to study from
Each page has 5 questions, making a total of 15 pages
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This questions were last updated on November 18, 2024

Question 1 of 71

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

Standard Invoice

Standard invoice request

Credit Memo

Supplier payment request

iSupplier Invoice

Correct Answer: B

An unapproved, unmatched invoice created in the Supplier Portal is termed as a Standard invoice request. This denotes that the invoice is pending approval and has not yet met matching criteria with a purchase order or receipt, fitting the description provided in the question.

Question 2 of 71

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

Create a custom duty role and assign the data roles to each audior.

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.

Assign the expense auditors job role and business unit security context and value to the user.

Correct Answer: D

To restrict expense auditors to specific business units, you must assign the expense auditors job role and also set the business unit security context and value to the individual user. This ensures that their auditing scope is limited only to the designated business units, adhering to the intended restrictions and controls.

Question 3 of 71

Which invoice types can be included in the Create Payment flow?

Standard, Credit Memo and Debit Memo

Standard, Credit Memo and Customer Refund

Standard, Credit Memo, and Invoice Request

Standard, Debit Memo and Customer Refund

Correct Answer: A

The correct answer is Standard, Credit Memo, and Debit Memo because these are the types of invoices that can typically be processed together in a payment creation flow. A Standard invoice represents a regular billing statement. A Credit Memo is issued when there is a correction needed or a discount applied to a previously issued invoice, and a Debit Memo is the opposite, where additional charges need to be added to a previously issued invoice.

Question 4 of 71

A company has a requirement to default the disbursement bank account when submitting a Payment Process Request.

Which action will accomplish this?

Define the Disbursement Bank Account at the business unit level to have the payment process derive the bank account.

Define the Disbursement Bank Account to the Payment Method in payment default rules.

Define the Disbursement Bank Account to every supplier.

Create a Payment Process Request template that includes the Disbursement Bank Account.

Assign the Disbursement Bank Account to users to have the payment process default the bank account.

Correct Answer: B, D

To default the disbursement bank account when submitting a Payment Process Request, there are two effective actions. First, defining the Disbursement Bank Account to the Payment Method in payment default rules ensures that the bank account is automatically selected based on the payment method being used. Second, creating a Payment Process Request template that includes the Disbursement Bank Account allows the system to use this template and automatically fill in the banking details, streamlining the payment process.

Question 5 of 71

Certain suppliers that your customer regularly deals with are exempt from tax. How would you configure tax for this?

Enable the relevant suppliers for Offset Tax and create an Offset Tax to remove the calculated tax line from these suppliers.

Define a Tax Status and Rate for Exempt, define a Party Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Party Fiscal Classification.

Create a new Tax Regime for the Exempt tax and subscribe the exempt suppliers to the tax regime on the Configuration Options tab.

Define a Tax Status and Rate for Exempt, define a Supplier Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Supplier Fiscal Classification.

Correct Answer: D

The proper way to configure tax for suppliers that are exempt from tax is to define a Tax Status and Rate for Exempt, define a Supplier Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Supplier Fiscal Classification. This method ensures that all suppliers classified as exempt are treated accordingly without the need for manual intervention, and it correctly leverages fiscal classifications in the tax setup.