Oracle Fusion Payables Certification Questions

Oracle Fusion Payables Certification Questions

Hi friends, we are going to discuss about the Oracle Fusion Payables Certification Questions. We will share the complete set of payables certification question , which will be help to prepare the fusion payables certification exams. We have prepared the complete series about  Fusion Payables Certification preparation in which we will share the most important fusion payables certification question's which are coming from last few years in payables certification exams. You can refer this series , for the preparation of oracle fusion payables certification exams. In this series , Including important payables certification question's , we have also shared the correct answer for these question. We will recommend to go through this series of Oracle Fusion Payables Certification Questions before giving the certification exams for payables. It will really help for your certification. Please find below the complete detail about Oracle Fusion Payables Certification Questions.

Oracle Fusion Payables Certification Questions

Key Features about Fusion Payables Certification Questions Series

1. This series have around 160 Payables certification questions.

2.These question are picked from previous years payables certification exams.

3.Each question have the Correct answer and the complete reason for that answer.

4.Help for the preparation of Fusion Payables Certification exams.

Complete Oracle Fusion Payables Certification Questions Series

This series is divided into multiple posts. Please keep continue this series for preparation.

Question 1:

A company has three Balancing Segment values. An Invoice is charged to all the three Balancing Segments. It is created with three distributions with the respective Balancing Segment values and the same Natural Account for AP Charge Account. Which set up should automatically account the liability account to the respective Balancing Segment Values?

Options: -

A. Distribution Set

B. Invoice Matching

C. Automatic Offset

D. Sub ledger Accounting Setup

E. Default Distributions

Answer: C

Answer Explanation:

If you enter invoices for expenses or asset purchases for more than one primary balancing segment value, you might want to use automatic offsets to keep your Oracle Fusion Payables transaction accounting entries balanced. If you do not use automatic offsets, Payables creates a single liability accounting entry for invoice transactions and a single cash type accounting entry for payment transactions.

Question 2

What is the required parameter for the Payables to General Ledger Reconciliation Report?

Options: -

A. Balancing Segment Value

B. Business Unit

C. Ledger

D. Financial Period

E. Natural Segment Value

Correct Answer: C

Answer Explanation:

Note: Extract Reconciliation Data from Payables to General Ledger Parameters

Request Name: Enter a name that is descriptive of this extract. Consider using a name that indicates the accounting period, date, and time, especially if you are planning to create multiple extracts.

Ledger: The ledgers available for selection are based on your security assignment.

Business Unit: Use this parameter to reconcile by a specific organization.

Note: You must explicitly map the business units to balancing segment values. If not, you must reconcile by ledger. Period: You can select either Open or Closed accounting periods.

Account: If you have multiple payable general ledger accounts, you can limit the extract to specific general ledger accounts. The natural account segment values must have a Financial Category of Accounts payable assigned to be included in the Reconciliation report. If the Financial Category is not assigned to any natural account values in the chart of accounts, the extract will fail.

Intercompany Transactions: You can include or exclude intercompany transactions. Select Yes to include intercompany transactions in the reconciliation. Additionally, to reconcile only intercompany transactions, restrict the account range to include only the intercompany accounts.

Question 3

Which two invoice actions are NOT allowed if prepayments have been applied to an invoice?

Options: -

A. Cancel an invoice.

B. Reverse an invoice distribution.

C. Modify an invoice distribution.

D. Add an invoice line.

E. Modify the accounting information.

Correct Answer: A & C

Answer Explanation:

Option A: You cannot cancel an invoice to which you have applied a prepayment. You must first unapply any prepayments and void the payment that paid the prepayment. You can then cancel the prepayment.

Option C: When you apply a prepayment, in addition to updating fields in the Apply/Unapply Prepayments window, Payables updates the following fields. For Quick Invoices and Expense Reports, these values appear after import:

* For the invoice: Invoice Workbench: Prepaid Amount; Status is updated to reflect that the invoice has been paid or partially paid Distributions window: Prepayment Number; Prepayment Distribution

* For the prepayment:

Invoice Workbench: If you have applied all Item distributions, the invoice Status will change from Available to Fully Applied

Distributions window: Prepay Amt Remaining

Note: * You can enter only one Item type distribution for each prepayment.

* You cannot apply prepayments to standard invoices when there are no item distributions or item lines without a valid distribution set.

Question 4

What are the three benefits derived by a Payables Manager when implementing Oracle fusion Payables?

 

Options: -

A. Simplified and expeditious reporting

B. Fulfilling of demands for local compliance

C. Streamlining reconciliation to the general lodger

D. Improvement in processing speed and manageability

E. Streamlining accounting policy changes

Correct Answer: A, C & D

Answer Explanation:

Note:

* A Payables Manager typically has to run multiple reports (A) or queries to identify invoice hold and approval issues and access multiple screens to resolve problems. Oracle Fusion Payables provides a Payables Manager Dashboard that pushes exceptions that occurred from automated invoice and payment processing, such as missing exchange rates on a foreign currency invoice or issues with the payment information. It also tracks the status of supplier invoices, such as invoices requiring approval, invoices on hold, suppliers on hold, and more--all from a consolidated page. The Payables Manager can then take action directly from the dashboard to resolve issues.

* The Payables Manager Dashboard alerts you to exceptions, like missing exchange rates that occur during automated invoice and payment processing. It also tracks the status of supplier invoices and identifies which invoices require approval, as well as which invoices and payments are on hold and more.

Question 5

Which three statements are true when a prepayment is applied to an invoice by selecting the option Include on Invoice?

 

Options: -

A. The prepayment amount available for application is reduced.

B. The unpaid invoice amount is reduced by the amount of the prepayment application.

C. The unpaid invoice amount is not affected by the prepayment application.

D. The invoice is updated to reflect the amount paid by prepayment in the Installments tab.

E. The prepayment amount paid is NOT updated In the Installment tab of invoice.

 

Correct Answer: A, C & E

Answer Explanation:

Applied prepayments can be either inclusive or exclusive. A supplier might send you an invoice that references a prepayment. If a supplier reduces the invoice amount by the amount of the prepayment and associated tax, this is an inclusive prepayment. Designate a prepayment as inclusive by selecting the option Included on Invoice, when applying the prepayment. When you apply an exclusive prepayment to an invoice, the unpaid invoice amount is reduced by the amount of the prepayment application.

Oracle Fusion Payables Certification Questions

QUESTION 6

Identify three correct statements about creating and maintaining supplier profile entities ?

Options: -

A. Tax Registrations can be created and maintained only at the supplier level.

B. Bank Accounts can be created and maintained at supplier and supplier site level.

C. Multiple sites can NOT be created for the same address.

D. One supplier address can be associated with one or more supplier contacts and one contact can be

associated with one or more addresses.

E. Transaction Controls are maintained at supplier site level.

Correct Answer: B, D & E

Answer Explanation:

1. Tax registrations can be created and maintained at the supplier address level.

2. Bank accounts can be created and maintained at three levels: supplier, address and site.

3. A site must be associated with exactly one address. Multiple sites can be created for the same address, which is common when more than one procurement business unit sources from the same supplier. Note: A site can be created while creating an address, to save time from navigating to the Sites tab after creating the address.

4. Address Contacts and Contact Addresses represent two ways an association can be made between a supplier address and supplier contact. This association can be established when performing maintenance in either entity. One address can be associated to one or more contacts, and one contact can be associated to one or more addresses. Additionally, when a contact is associated with an address, it is implicitly associated with all sites using the address. This establishes the concept of a Site Contact. Some transactions, such as purchasing documents, allow for a Site Contact to be selected on the transaction.

Question 7

What is the validation status of an invoice after it is loaded using the Launch Import Invoice program?

Options: -

A. Validated

B. Never validated

C. Needs revalidation

D. Not required

E. Revalidated

Correct Answer: B

 

Question 8

What are the two Online Accounting options available in Oracle Fusion Payables?

Options: -

A. Account in Final

B. Account in Draft

C. Account in Final and Transfer to Ledger

D. Account in Draft and Transfer to Ledger

E. Account and Post to Ledger

 

Correct Answer: A & B

Answer Explanation: Final will create journal entries, which can be transferred to GL. Draft will create journal entries, which are not final, which means they are not ready to be transferred to GL.