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1. Which three restrictions apply when you are paying invoices with a "quick" payment type? (Choose three.)
A) You can pay only as many invoices as you defined for the remittance advice of the payment document.
B) If you want to pay multiple invoices, none can be of an invoice type of prepayment.
C) You can select only those invoices that are due.
D) You can select only those invoices that have the same supplier site as the payment supplier site you enter.
E) If you want to pay multiple invoices, none can be a pay-alone invoice.
2. ABC Corp. requires that all invoices are matched to both a purchase order and a receipt. Invoice tolerances are set to zero. A standard purchase order is entered for consulting services. An invoice is entered and matched against a purchase order. The total invoice amount matches the distribution amount. When the steps to prepare the invoice for payment are completed, the invoice is placed on hold. The company's business policy states that all holds cannot be manually released. To pay the supplier, identify the step to be completed to remove the hold and be eligible for payment.
A) The service must be received in Purchasing because three-way matching is required.
B) Inspection is required because it is a three-way match.
C) Manually release the hold because it is not a system hold.
D) Change the invoice tolerances in the Payables Options form to be greater than zero, so that the invoice does not go on hold again.
E) The service must be received in Accounts Payable because it is a purchase order for a service and not a commodity or item.
3. At your client site, under Payables Options, the Transfer to GL option has been set to Summarize by Accounting Period. The period-end close processes for AP have run and the Payables journals (purchase invoices and payments) have been created and posted in GL. Which statement is true?
A) It is possible to drill down from journals of categories purchase invoices and payments in GL to Payables.
B) Drilldown from the journals of category payments in GL to Payables is possible, but not drilldown from journals of category purchase invoices.
C) It is not possible to drill down from GL to Payables.
D) Drilldown from the journals of category purchase invoices in GL is possible, but not drilldown from journals of category payments.
4. Michael is responsible for the accounting setup. Here is the list of accounts for the accounting setup structure mapped to their requirement.
1.suspense account - suspense posting
2.reserve for encumbrance account - exchange rate gain/loss
3.non-postable net income account - average balance processing
4.ledger currency balancing account - for using Oracle subledgers and balance subledger journals by the entered currency and balancing segment value
5.entered currency balancing account - for using Oracle subledgers and balance foreign currency subledger journals by the ledger currency and balancing segment value
Identify two correct mappings of accounts. (Choose two.)
A) 3
B) 5
C) 2
D) 4
E) 1
5. Select three levels where additional reporting currency representations can be maintained. (Choose three.)
A) journal
B) balance
C) subledger
D) batch
Solutions:
| Question # 1 Answer: A,D,E | Question # 2 Answer: A | Question # 3 Answer: A | Question # 4 Answer: A,E | Question # 5 Answer: A,B,C |
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