Oracle Financials Cloud: Payables 2021 Implementation Essentials: 1Z0-1055-21

What is the result of voiding a payment?

A. A stop payment request has been initiated to the bank.

B. A bills payable payment was created but is not yet matured.

C. The payment is reconciled to the bank statement.

D. The payment is no longer valid.

Select three reasons why you cannot close your Payables period. (Choose three.)

A. open intercompany transactions

B. unapplied prepayments

C. suppliers on payment holds

D. bills payable requiring maturity

E. unaccounted invoices and payments

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.