Free Access Oracle.1z0-1055-20.v2022-03-24.q37 Practice Test (Page 2)

Question 1

An Office supplies company requires an advance payment of $8000 for the office supplies you wish to order.
You enter and pay a prepayment type invoice for $8000. You enter the standard invoice to book the expense which totals $10000 and you apply the prepayment to the standard invoice.
What are the accounting entries for that standard invoice with the prepayment application?

A.Invoice accounting - Dr Expense Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr AP Liability 8000 Cr Prepayment Account 8000.

B.Invoice accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.The prepayment application has no impact on the Invoice.

C.Invoice accounting - Dr Expense Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr AP Liability Account 2000 Cr Prepayment Account 2000.

D.Invoice Accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr Expense Account 8000 Cr Prepayment Account 8000.

Question 2

You have invoices with distributions across primary balancing segments that represent different companies.
What feature should you use if you want the system to automatically balance your invoice's liability amount across the same balancing segments on the invoice distributions?

A.Payable's Automatic Offset

B.Intercompany Balancing

C.Subledger Accounting's Account Rules

D.Suspense Accounts

E.Payables' Allow Reconciliation Accounting

Question 3

Your company wants to generate intercompany transactions in USD but only if the amount involved is $3,000 USD or more. Which two intercompany system options are valid?

A.You cannot update the minimum transaction currency when intercompany currency is entered.

B.Intercompany invoices will be generated for the minimum accountable amount set at the payable invoice options and receivable system options.

C.Set the intercompany system option minimum transaction amount to $ 3,000 USD.

D.Approval rules need to set the allow of the intercompany transactions to be routed to the receiver or provider.

E.Set the intercompany system option minimum transaction amount to $2,999.99 USD.

Question 4

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

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

B.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.

C.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.

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

Question 5

You have created an approval rule as follows:
Rule 1: If the invoice amount > $1000, route it to User 1.
Rule 2: If the invoice amount < $1000, auto approve it.
Now, the user creates an invoice for $1000 and routes it for approval. What will happen?

A.Invoice will not be processed.

B.The system will issue an error message after the approval has been initiated.

C.Invoice will be auto-approved.

D.Invoice will be sent to User 1 for approval.

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