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Oracle Financials Cloud: Payables 2023 Implementation Professional Sample Questions:

1. You have a high volume of invoices to enter that have similar lines and do not require extensive validation. What must you do if you want to group multiple invoices in a batch during spreadsheet entry?

A) Enter a value in the Invoice Group field to group similar invoices into a batch.
B) Enable the invoice option Require Invoice Grouping, and the system automatically groups invoices entered in the same spreadsheet.
C) Assign the same Invoice Header Identifier to multiple invoices you want to group.
D) Make sure the Invoice Number is the same.
E) Make sure all the invoice dates are the same.

2. You are using both Procurement and Financials. You want the system to automatically accrue uninvoiced receipts. Select two true statements.

A) For period end accruals, the invoice accounting for inventory items debits receipt inventory and credits the uninvoiced receipts.
B) For period end accruals, the invoice accounting debits the expense account and credits the liability account.
C) For period end accruals, accounting is created at material receipt or at delivery to a final destination.
D) For perpetual accruals, the invoice accounting debits the accrual account and credits the liability account.

3. 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 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
B) On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Jan 10th, Debit Rental Expense for 12,000 and Credit Cash for 12,000
C) On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000 and thenOn Jan 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
D) On Jan 10th, Debit Prepaid Expense for 12,000 and Credit Liability 12,000

4. 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 Prepayment Account 10000 Cr AP Liability Account 10000.The prepayment application has no impact on the Invoice.
B) Invoice accounting - Dr Expense Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr AP Liability 8000 Cr Prepayment Account 8000.
C) Invoice Accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr Expense Account 8000 Cr Prepayment Account 8000.
D) Invoice accounting - Dr Expense Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr AP Liability Account 2000 Cr Prepayment Account 2000.

5. You entered an invoice of 12,000 and paid it for Office Suppliers. The payment was never received by the supplier, and you decide to return the entire order. What should you do?

A) Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits the expense.
B) Issue a credit memo, which will debit the liability and credit the expense.
C) Cancel the invoice, which debits the liability and credits the expense.
D) Void the payment, which debits cash and credits the liability, and then issue a credit memo, which debits the liability and credits the expense.

Solutions: