Oracle 1Z0-1055-23 Actual Free Exam Questions & Community Discussion

Exam Code/Number: 1Z0-1055-23
Exam Name/Title: Oracle Financials Cloud: Payables 2023 Implementation Professional
Certification Provider: Oracle
Corresponding Certification: Oracle Financials Cloud

Exam Questions: 143
Updated On: Jul 27, 2026

Question #1

Your customer has requested a modification to the payment file to meet the acceptable bank standards. The changes were based on a format of a seeded payment process profile which is already in use. The only changes made are to the field positions. What two steps can make these changes work?

A. Keep the payment process profile and leave the format programs unchanged.

B. Oracle Data Integrator or Golden Gate can be used to map the fields as required.

C. Create a newpayment process profile and a new format program.

D. Copy and modify the existing template to alter the positions as requested by the bank.

E. Create a new template to make changes as requested by the bank.

F. No change in the template is needed as we can achieve this using user-defined validations to move the positions as required.

Discussion 0

Correct Answer: C,E Vote an answer

Question #2

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 for 12,000 and Credit Liability 12,000

B. 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

C. 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

D. 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

Discussion 0

Correct Answer: B Vote an answer

Question #3

Before you can configure payment approval rules, your company must define a payment approval policy. Which three are done by the payment approval policy? (Choose three.)

A. It defines criteria for triggering the payment approval process, such as payment amount, bank account, or pay group.

B. It allows approvers to review payments and decide whether or not to approve a payment.

C. It defines a list of approvers who review payments and make final payment decisions.

D. It defines when to initiate the payment approval process.

E. It determines which payments must go through the payment approval process.

Discussion 0

Correct Answer: A,C,E Vote an answer

Question #4

Identify what Oracle considers two best practices when setting up Payables and Receivables account access for bank reconciliation.

A. Only business units who use the same ledger as the bank accounts owning legal entity can be assigned access.

B. Do not assign bank accounts to business units.

C. Allow bank accounts to be accessed by all roles and users because the default value to secure a bank account by users and roles is No.

D. Business units must be granted access to the bank account.

E. Assign a few general ledger cash accounts to multiple bank accounts to facilitate book-tobank reconciliation.

Discussion 0

Correct Answer: A,D Vote an answer

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Question #5

You use corporate cards with expenses and have implemented the Company Pay payment option. An employee incurred the following expenses.
What is the resulting payment amount made to the employee for these expenses?

A. 500

B. 1449

C. 201

D. 949

Discussion 0

Correct Answer: B Vote an answer

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Question #6

You are evaluating the predefined expense report approval rules within your test environment to see if they meet current business requirements.
Which three rule sets are part of the predefined setup? (Choose three.)

A. Approval by Cost Centre owners in parallel or serial mode

B. Approval by supervisor based on report amount

C. Approval by a Group based on report amount in parallel or serial mode

D. Approval by supervisor based on expenses type amount

E. Approval by Project Manages in parallel or serial mode

Discussion 0

Correct Answer: B,D,E Vote an answer

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Question #7

Which statement is true about selecting a bank account on the Create Payment page?

A. LE on the bank account should be different from the LE on the invoice.

B. LE on the bank account should be equal to LE on the invoice.

C. Bank account must match the supplier's bank account.

D. There is no relationship between the business unit, bank, and LE. Users can pick any bank account that is setup in their system.

E. Users can pick any bank account as long as the bank account is tried to the business unit.

Discussion 0

Correct Answer: D Vote an answer

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Question #8

During an expense audit the auditor marks an expense item that is missing a receipt to be Short Paid. They choose to complete the audit and warn the user.
Given that the Expense Report Audit Approval is set to After Manager Approval, what two are valid results of the auditor action?

A. New expense report containing disallowed expense items is not created until manager approves the short payment.

B. New expense report containing disallowed expense items is immediately created.

C. Approved part of the expense report is not eligible for expense reimbursement.

D. The approved part of the expense report is eligible for expense reimbursement.

Discussion 0

Correct Answer: B,C Vote an answer

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Question #9

You want your expense auditors to audit only expenses reports for specific business units. How do you do this?

A. Make auditors the managersof the corresponding business unit to route expense reports properly.

B. Create your own audit extension rules that correspond to the business unit.

C. Create a custom duty role and assign the data roles to each auditor.

D. Assign the auditors' specific data roles for the corresponding business units.

Discussion 0

Correct Answer: A Vote an answer

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