Passed 1Z0-961 with Oracle certification 1Z0-961 real exam questions

By | February 16, 2018

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Share some Software as a Service – Oracle Enterprise Resource Planning Cloud 1Z0-961 exam questions and answers below.
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 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000and thenOn Jan 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000On Feb 28st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000
B. On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000
C. On Jan 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000On Feb 28st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000
D. On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepaid Expense for 4,000On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000
Answer: A

Which statement is correct if the payment terms entered in the invoice differ from the payment terms on the purchase order?
A. The purchase order payment term cannot be overridden.
B. The user needs to manually change the payment term on the invoice to match the purchase order payment term.
C. The user needs to specify which payment term to use.
D. The payment termof the invoice overrides the purchase order payment term.
E. The payment term of the purchase order overrides the invoice payment term.
Answer: B

An installment meets all of the selection criteria of a Payment Process Request but it still did not get selected for payment processing. Identify two reasons for this.
A. The installment was manually removed.
B. The invoice has not been accounted.
C. The pay-through date is in a future period.
D. The pay-through date is in a closedPayables period.
E. The invoices need revalidation.
Answer: A,E

What happens if a company runs the Payables Unaccounted Transactions Sweep program for February 2016 if the invoices with a Hold status have an invoice date of January 20, 2016?
A. The accounting dates of all unaccounted invoices will change to February 28, 2016, the last day of the nextperiod.
B. The accounting dates of all unaccounted invoices will remain unchanged at January 20, 2016.
C. The accounting dates of all unaccounted invoices will be changed to February 1, 2016, the first day of the next period.
D. The accounting dates of all unaccounted invoices will be changed to February 20, 2016, the same day of the next period.
Answer: A

Your intercompany transaction type is active and enabled for invoicing. What are the two prerequisites to generate intercompany receivables and intercompany payable transactions after the Generate Intercompany Allocations process is run?
A. Run the process Transfer Intercompany transactions to Receivables and Transfer Intercompany transaction to Payables.
B. For the Legal Jurisdiction, Legal function “Generate intercompany invoice” should be assigned.
C. Supplier site primary pay flag and customer account bill to primary flag should be enabled.
D. Manual Approvals should be allowed for the transaction type.
E. Schedule create accounting for the intercompany process.
F. Run the processes Create Intercompany transactions to Receivables and Create Intercompany transactions to Payables.
Answer: A

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