Oracle Fusion Financial Payables Certification:1Z0-1055-20

Question 176

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 10.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?

Options:

A. On Jan 10 th , Debit Prepaid Expense for 12,000 and Credit Liability 12,000

B. On Jan 31 st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000 On Feb 28 th, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000

C. On Jan 10 th , Debit Prepaid Expense 12,000 and Credit Liability for 12,000 and then On Jan 31 st , Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000 On Feb 28 th , Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000 On Mar 31 st , Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000

D. On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000 On Jan 10 th, Debit Rental Expense for 12,000 and Credit Cash for 12,000

Answer: C

Answer Explanation: NA

Oracle Fusion Financial Payables Certification:1Z0-1055-20

Question 177

Which three are attributes that are recognized by Invoice Imaging?

Options:

A. Terms Date

B. Payment Method

C. Invoice Date

D. PO Number

E. Invoice Number

Answer: C, D & E

Answer Explanation: NA

Question 178

Which component is not included in the security architecture for credit card data and bank account data encryption?

Options:

A. Oracle Wallet

B. Supplier master encryption key

C. Sensitive data encryption and storage

D. Payments subkeys

E. Payments master encryption key

 

Answer: B

Answer Explanation: The security architecture for credit card data and bank account data encryption is composed of the following components: OPSS Payments master encryption key Payments subkeys Sensitive data encryption and storage

 

Question 179

Which statement is true about selecting a bank account on the Create Payment page?

Options:

A. LE on the bank account should be different from the LE on the invoice.

B. Bank account must match the supplier's bank account.

C. Users can pick any bank account as long as the bank account is tried to the business unit.

D. There is no relationship between the business unit, bank, and LE. Users can pick any bank account that is setup in their system.

E. LE on the bank account should be equal to LE on the invoice.

 

Answer: E

Answer Explanation: NA

Question 180

An installment for $2,000 USD is due for payment on July 31, 2016. The installment has two discounts: the first discount date is June 15, 2016 for $150 USD and the second discount date is June 30, 2016 for $50 USD.
You submit a Payment Process Request with the following criteria:
✑ Payment Date = June 20, 2016
✑ Pay Through Date = July 30, 2016
✑ Date Basis = Due Date
What will be the resulting status of the installment and discount?

Options:

A. The installment is not selected because the discount dates are before the Pay Through Date.

B. The installment is selected, and no discount is applied.

C. The installment is not selected because the due date is after the Pay Through Date.

D. The installment is selected, and a discount of $50 USD is applied.

E. The installment is selected, and a discount of $150 USD is applied.

Answer: C

Answer Explanation: The installment is not selected because the due date is after the Pay Through Date.