Passed 1Z0-961 with Oracle certification 1Z0-961 practice questions

Testpassport just released the latest Oracle 1Z0-961 exam practice questions, which contain 73 questions and answers. In real Oracle 1Z0-961 exam, there are 70 questions. You have 120 minutes to complete the test. The required passing score of Oracle 1Z0-961 exam is 70%. Oracle 1Z0-961 exam format is Multiple choice. You need to pay $245 to enroll to take Oracle 1Z0-961 exam. 

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Share some Software as a Service – Oracle Enterprise Resource Planning Cloud 1Z0-961 exam questions and answers below.
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

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

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

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

Which two setups are required to ensure the same tax is applied on both intercompany payable and receivable invoice?
A. Payable options are receivable system options should have same tax application options.
B. Tax for inter-company is to be loaded using Create Taxable Transactions in Spreadsheet.
C. First enter Payable transaction to calculate tax and then for Receivable Transaction.
D. You should check if any specific rules defined should cover bothSales_transactionandpurchase_transactionbusiness category.
E. Ensure that both the receiver and provider business units and legal entities are subscribed to the applicable tax regime on the transaction date.
Answer: C,E

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