1|Page
ACCOUNTS PAYABLE SPECIALIST CERTIFICATION IOFM EXAM LATEST 2026-
2027 ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
You have modified your tax setup and want to test the changes on
actual Payables transaction. How do you validate before enabling
for transaction?
A. Oracle Transactional Business Intelligence (OTBI)
B. by creating accounting in draft mode
C. by creating a payable invoice, and by validating and reviewing
the tax application
D. by changing the tax status to test and then entering a payables
invoice
E. by using Tax Simulator to test - ANSWER-E. by using Tax
Simulator to test
You have just imported invoices from a spreadsheet. What is the
validation status of the imported invoices?
A. Not Required
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B. Imported
D. Needs Revalidation
E. Validated
F. Never Validated - ANSWER-F. Never Validated
What are the output formats supported for Electronic and Check
format programs?
A. Electronic output format of XML, Check output format of rtf
B. Electronic output format of PDF, Check output format of PDF
C. Electronic output format of DATA (csv), Check output format of
Zipped PDFs
D. Electronic output format of Text, Check output format of Text
E. Electronic output format of etext, Check output format of rtf -
ANSWER-A. Electronic output format of XML, Check output
format of rtf
After you submitted a Payment Process Request, you noticed
errors. You want to void the payments. Identify two statements
that indicate when it is not possible to void a payment.
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A. A payment with the status of Issued.
B. A payment for an invoice with an associated Withholding Tax
invoice.
C. A payment that has been accounted and posted to General
Ledger.
D. A payment that pays a prepayment that has been applied to an
invoice.
E. A payment that has already cleared the bank. - ANSWER-D. A
payment that pays a prepayment that has been applied to an
invoice.
E. A payment that has already cleared the bank.
When submitting the Payables to General Ledger Reconciliation
report, the extract did not select any data.What should you
check?
A. Make sure you assigned a Financial Category of Accounts
Payable to all your liability natural account values.
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B. Make sure you assign an Account parameter when running the
extract to include liability account.
C. Make sure you specified a Business Unit in the parameters
when running the extract.
D. Make sure you enabled the Reconciliation flag to all of your
liability natural account values. - ANSWER-A. Make sure you
assigned a Financial Category of Accounts Payable to all your
liability natural account values.
Which reports can show you differences between your subledger
balances and general ledger balances to help you reconcile
quickly?
A. General Ledger Financial Statements and the Accounts
Payable and Invoice Registers
B. Payables to Ledger Reconciliation report and Receivables to
Ledger Reconciliation report
C. Payables Aging reports with the General Ledger Trial Balance
report
ACCOUNTS PAYABLE SPECIALIST CERTIFICATION IOFM EXAM LATEST 2026-
2027 ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
You have modified your tax setup and want to test the changes on
actual Payables transaction. How do you validate before enabling
for transaction?
A. Oracle Transactional Business Intelligence (OTBI)
B. by creating accounting in draft mode
C. by creating a payable invoice, and by validating and reviewing
the tax application
D. by changing the tax status to test and then entering a payables
invoice
E. by using Tax Simulator to test - ANSWER-E. by using Tax
Simulator to test
You have just imported invoices from a spreadsheet. What is the
validation status of the imported invoices?
A. Not Required
,2|Page
B. Imported
D. Needs Revalidation
E. Validated
F. Never Validated - ANSWER-F. Never Validated
What are the output formats supported for Electronic and Check
format programs?
A. Electronic output format of XML, Check output format of rtf
B. Electronic output format of PDF, Check output format of PDF
C. Electronic output format of DATA (csv), Check output format of
Zipped PDFs
D. Electronic output format of Text, Check output format of Text
E. Electronic output format of etext, Check output format of rtf -
ANSWER-A. Electronic output format of XML, Check output
format of rtf
After you submitted a Payment Process Request, you noticed
errors. You want to void the payments. Identify two statements
that indicate when it is not possible to void a payment.
,3|Page
A. A payment with the status of Issued.
B. A payment for an invoice with an associated Withholding Tax
invoice.
C. A payment that has been accounted and posted to General
Ledger.
D. A payment that pays a prepayment that has been applied to an
invoice.
E. A payment that has already cleared the bank. - ANSWER-D. A
payment that pays a prepayment that has been applied to an
invoice.
E. A payment that has already cleared the bank.
When submitting the Payables to General Ledger Reconciliation
report, the extract did not select any data.What should you
check?
A. Make sure you assigned a Financial Category of Accounts
Payable to all your liability natural account values.
, 4|Page
B. Make sure you assign an Account parameter when running the
extract to include liability account.
C. Make sure you specified a Business Unit in the parameters
when running the extract.
D. Make sure you enabled the Reconciliation flag to all of your
liability natural account values. - ANSWER-A. Make sure you
assigned a Financial Category of Accounts Payable to all your
liability natural account values.
Which reports can show you differences between your subledger
balances and general ledger balances to help you reconcile
quickly?
A. General Ledger Financial Statements and the Accounts
Payable and Invoice Registers
B. Payables to Ledger Reconciliation report and Receivables to
Ledger Reconciliation report
C. Payables Aging reports with the General Ledger Trial Balance
report
