Practice 1Z0-1055-23 Exam Online

Question 1

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

A : Bills payable requiring maturity

B : Unaccounted invoices and payments

C : Suppliers on payment holds

D : Unapplied prepayments

E : Incomplete payment files

Answer: A,B

Question 2

Identify what Oracle considers two best practices when setting up Payables and Receivables account access for bank reconciliation. (Choose two.)

A : Do not assign bank accounts to business units.

B : Assign a few general ledger cash accounts to multiple bank accounts to facilitate book-tobank reconciliation.

C : Business units must be granted access to the bank account.

D : Only business units who use the same ledger as the bank accounts owning legal entity can be assigned access.

E : Allow bank accounts to be accessed by all roles and users because the default value to secure a bank account by users and roles is No.

Answer: C,D

Question 3

Which two are true for Payables Payment Terms? (Choose two.)

A : When entering an Invoice, you will see Payment Terms assigned to the reference data set associated with the Business unit on the invoice plus those associated with the common set.

B : You must assign the predefined payment term Immediate to the reference data set that is assigned to the business unit before you can define common options for Payables and Procurement.

C : When entering an Invoice, you will see Payment Terms assigned to the reference data set associated with the Business unit on the invoice but not those associated with the common set.

D : Each payment term can only be assigned to one reference data set.

Answer: A,B

Question 4

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.

A : The pay-through date is in a closed Payables period.

B : The pay-through date is in a future period.

C : The invoices need revalidation.

D : The invoice has not been accounted.

E : The installment was manually removed.
An installment can meet the selection criteria of a payment process request, yet not get selected for payment for one or more reasons.
You can review installments that were not selected for payment, along with the reasons they were not selected, on the Not Selected tab of the Review Installments page.
The reasons are as follows:
References:https://docs.oracle.com/cd/E37017_01/doc.1115/e22897/F438410AN16238.htm

Answer: A,C

Question 5

Which reports can show you differences between your subledger balances and general ledger balances to help you reconcile quickly?

A : Payables to Ledger Reconciliation report

B : Payables Aging reports with the General Ledger Trial Balance report

C : General Ledger Financial Statements and the Accounts Payable and Invoice Registers

D : Payables Trial Balance and General Ledger Trial Balance reports

Answer: D

Name:	Oracle Financials Cloud: Payables 2023 Implementation Professional
Exam Code:	1Z0-1055-23
Certification:	Oracle Cloud
Vendor:	Oracle
Total Questions:	142
Last Updated:	Apr 25, 2024

Oracle 1Z0-1055-23