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1Z0-1005 Oracle Financials Cloud: Payables 2018 Implementation Essentials

January 21, 2019 by admin

Exam Title: Oracle Financials Cloud: Payables 2018 Implementation Essentials
Exam Number: 1Z0-1005
Exam Price: $245.00 More on exam pricing
Format: Multiple Choice
Duration: 120 Minutes
Number of Questions: 73
Passing Score: 61%
Validated Against: This exam has been validated against 18B. (Previous version of this exam was validated against R12 in 2017)

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Additional Preparation and Information
A combination of Oracle training and hands-on experience (attained via labs and/or field experience) provides the best preparation for passing the exam.

Review Exam Topics

Invoicing
Explain the Integrated Imaging Solution
Create invoice
Approve Invoices
Manage supplier information

Expenses
Explain expense reporting
Approve expense reports
Process expense reimbursements
Manage Corporate Cards
Audit Expense Reports
Set up Expenses

Other Payables Topics
Process Income Tax and Withholding tax calculations
Explain the Close process
Configure Payables Setups
Configure Business Units
Demonstrate payables accounting concepts
Execute 1099 Reporting
Describe the Functional Setup Manager

Payments
Create a payment
Execute a Payment Process Request
Void a payment
Explain Bank Reconciliations
Customize Payment Formats
Set up payments for disbursement
Explain payment security
Explain payment approvals

Reporting
Explain how to design and use various reporting tools
Explain Oracle Transactional Business Intelligence (OTBI)
Use Business Intelligence Publisher (BIP) Reports
Use the Payables to Ledger Reconciliation Report
Process intercompany reconciliations

Question: 1
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 installment was manually removed.
B. The invoice has not been accounted.
C. The pay-through date is in a future period.
D. The pay-through date is in a closed Payables period.
E. The invoices need re-validation.

Answer: A,E
Explanation:
Reference https://docs.oracle.com/cd/E37017_01/doc.1115/e22897/F438410AN16238.htm

Question: 2
You are using the Payable’s Deferred Expense feature (also known as Multiperiod Accounting). You
have entered an invoice for a three-month lease that is entered on Jan 10th. The total expense is
$12,000 and it covers the rental period from Jan 1st to Mar 31st.
Assuming that the rental expenses are split evenly per month and a monthly accounting calendar is
used, what would the accounting entry be?

A. On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000and thenOn Jan 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000
B. On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000
C. On Jan 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000
D. On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000On Jan 10th, Debit Prepaid Expense for 12,000 and Credit Liability for 12,000

Answer: A

Question: 3
Which statement is correct if the payment terms entered in the invoice differ from the payment terms on the purchase order?

A. The purchase order payment term cannot be overridden.
B. The user needs to manually change the payment term on the invoice to match the purchase order payment term.
C. The user needs to specify which payment term to use.
D. The payment term of the invoice overrides the purchase order payment term.
E. The payment term of the purchase order overrides the invoice payment term.

Answer: B

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