[Nov-2021] 1Z0-1055-21 exam torrent Oracle study guide
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Oracle 1Z0-1055-21 Exam Syllabus Topics:
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NEW QUESTION 39
Identify three scenarios where you are not allowed to cancel an invoice. (Choose three.)
- A. The invoice is fully or partially paid.
- B. The invoice was adjusted by a credit or a debit memo.
- C. Prepayments were applied to the invoice.
- D. An accounting entry has been created for the invoice.
- E. The invoice is validated.
Answer: A,B,C
Explanation:
Explanation
Why can't I cancel an invoice?
The invoice is:
Additional reasons thatyou can't cancel an invoice are as follows:
You can cancel any unapproved invoice, or an approved invoice that does not have anyeffective payments or posting holds.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011878.htm#FAPPP1011878
NEW QUESTION 40
Which data is visible to a Payables user in the Payables to General Ledger Reconciliation report?
- A. Data for authorized business units only; no GL data is visible
- B. Data for all business units and all balancing segments in the ledger
- C. Data for authorized business units and GL data for all balancing segments in the ledger (unless restricted)
- D. Data for all business units and one balancing segment in the ledger
Answer: D
Explanation:
Explanation
Payables users can also see general ledger data for all balancing segment values in the ledger.
NEW QUESTION 41
A company is centralizing their payment processing using the service provider model.
Which reporting level has to be used to run the Prepare Payables to General Ledger Reconciliation report?
- A. Running the Prepare Payables to General Ledger Reconciliation report is NOT available when there is a centralized payment processing.
- B. Run the Prepare Payables to General Ledger Reconciliation report at Business Unit level.
- C. Run the Prepare Payables to General Ledger Reconciliation report for combination of Ledger and Balancing Segment Value.
- D. Run the Prepare Payables to General Ledger Reconciliation report at Ledger level.
Answer: B
Explanation:
Explanation
Business unit if you implemented centralized payment processing using the service provider model.
NEW QUESTION 42
You need to enter a high volume of users into the system. What is Oracle's recommendation to do this?
- A. Use the spreadsheet templates available in Oracle Enterprise Repository (OER) and then import users into Cloud Applications.
- B. Use the Hire an Employee user interface and enter each user manually.
- C. Use the Enter a Supplier user interface and enter each user manually.
- D. use the spreadsheet of Oracle Identity Manager (OIM) to import users.
Answer: A
Explanation:
Explanation
If you have batch of users that have to be created, the Oracle team can bulk load the users into the OIM Application.
References:http://docs.oracle.com/cd/E79623_01/rms/pdf/160C/html/admin_guide/tasks.htm
NEW QUESTION 43
You have a high volume of invoices to enter that have similar lines and do not require extensive validation.
What must you do if you want to group multiple invoices in a batch during spreadsheet entry?
- A. Assign the same Invoice Header Identifier to multiple invoices you want to group.
- B. Make sure the Invoice Number is the same.
- C. Enter a value in the Invoice Group field to group similar invoices into a batch.
- D. Enable the invoice option Require Invoice Grouping, and the system automatically groups invoices entered in the same spreadsheet.
- E. Make sure all the invoice dates are the same.
Answer: D
Explanation:
Explanation
What's an invoice group?
A collection of invoices that is used as a parameter for the Validate Payables Invoice process, a selection criteria for submitting a payment process request, and a parameter in some reports. If you enable the invoice option Require invoice grouping, you must associate each invoice with an invoice group.
References:https://docs.oracle.com/cloud/farel9/financialscs_gs/FAPPP/F1011878AN100C4.htm
NEW QUESTION 44
Which two invoice types can have a status of Incomplete? (Choose two.)
- A. Supplier Portal Invoices which are rejected and resubmitted for approval
- B. Scanned Invoices with incomplete or missing information
- C. Supplier Portal Invoices which are saved but not yet submitted
- D. Scanned Invoices which are rejected during import
- E. Prepayment Invoices which are fully paid but not applied against any invoice
Answer: A,B
Explanation:
Explanation
As a Supplier user, you can now edit and resubmit invoices that are rejected from the approval users during the invoice request approval process.
An incomplete invoice is an invoice created from an image that has invalid or missing information.
NEW QUESTION 45
Which two are true for Payables Payment Terms? (Choose two.)
- A. When entering an Invoice, you will see Payment Terms assigned to the reference data set associated with the Business unit on the invoice plus those associated with the common set.
- B. When entering an Invoice, you will see Payment Terms assigned to the reference data set associated with the Business unit on the invoice but not those associated with the common set.
- C. You must assign the predefined payment term Immediate to the reference data set that is assigned to the business unit before you can define common options for Payables and Procurement.
- D. Each payment term can only be assigned to one reference data set.
Answer: A,C
Explanation:
Explanation
Assigning a reference data set to a business unit: When you define a business unit, assign the business unit a reference data set for the Payables Payment Terms reference group.
Before you define common options for Payables and Procurement, you must assign the Immediate payment term to the reference data set for the business unit.
NEW QUESTION 46
Which two statements are true when you are using the Intercompany Reconciliation Reports? (Choose two.)
- A. You can drill down on the links in the Period Summary report to view the balances by Intercompany Organization.
- B. You must run the prepare Intercompany Reconciliation Reporting Information process.
- C. The reports will include Ledger balancing lines generated when the primary balancing segment value is in balance but either the second balancing segment or the third balancing segment is out of balance.
- D. The reports will show the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.
- E. The reconciliation period summary report will not show the intercompany receivables and intercompany payables lines generated for the provider and receiver of each intercompany transaction.
Answer: E
Explanation:
Explanation
A (not C): The Reconciliation Period Summary report displays the intercompany receivables and intercompany payables balances in summary for a period, and any differences between them.
D:Ledger balancing lines generated when the primary balancing segmentvalue is in balance but either the second balancing segment or the third balancing segment is out of balance
NEW QUESTION 47
You have two business units, Vision Operations and Vision Services. How can you enable expense auditors to audit expense reports for specific business units?
- A. Assign the Expense Auditor job roles to each auditor.
- B. Assign the Expense Auditor Vision Operations and Expense Auditor Vision Services data roles to each Expense Auditor.
- C. Assign the Expense Auditor as the owner of each business unit.
- D. Use segment valuesecurity rules to secure access to business units.
Answer: B
Explanation:
Explanation
You can enable expense auditors to audit expense reports for specific business units by assigning them specific expense auditor data roles for the business units. For example, to allow an expense auditor toaudit expense reports for the Vision Operations and Vision Services business units, assign the Expense Auditor Vision Operations and Expense Auditor Vision Services data roles, respectively, to the expense auditor.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAWDE/F1005004AN1204B.ht
NEW QUESTION 48
Identify three statements that indicate the purpose of Functional Setup Manager.
- A. It automatically generates lists of setup tasks in the correct sequence with dependencies highlighted.
- B. It automatically marks the completion status of tasks as Completed once they have been completed.
- C. It allows you to centrally manage the close processes across subledgers and ledgers.
- D. it allows you to assign setup tasks to individuals with due dates where users must manually update their completion status.
- E. It provides a central place to access and perform all of the setup steps across the applications.
Answer: A,B,E
Explanation:
Explanation
With Oracle Fusion Functional Setup Manager you can:
References:https://docs.oracle.com/cd/E56614_01/common_op/OAFSM/F1166427AN1007E.htm
NEW QUESTION 49
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. Copy and modify the existing template to alter the positions as requested by the bank.
- 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. Keep the payment process profile and leave the format programs unchanged.
- E. No change in the template is needed as we can achieve this using user-defined validations to move the positions as required.
- F. Create a new template to make changes as requested by the bank.
Answer: A,F
NEW QUESTION 50
How will system evaluate the tolerances for expense reports?
- A. System will calculate error tolerance as Policy Rate * (1+Warning Tolerance+ Error Tolerance/100).
- B. System will calculate error tolerance as (|Policy Rate * (1+Error Tolerance/100)|) currency precision.
- C. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100)*currency precision.
- D. System will use absolute amount tolerance setup to do validations.
- E. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100).
Answer: E
Explanation:
Explanation
Error: A percentage is used to calculate an error. The error tolerance amount is calculated as follows:
Policy Rate * (1+Error Tolerance/100)
References:https://docs.oracle.com/cd/E60665_01/financialscs_gs/FAIEX/F1456644AN125F2.htm
NEW QUESTION 51
Your company policy requires that receipts be attached to expense report items before reimbursement can be made.
Which two statements are true about the association of a receipt to an expense report? (Choose two.)
- A. Receipts are not required if the expense item falls within Per Diem Rates.
- B. Users can maintain scanned receipts in a central repository and provide a reference number in the expense report.
- C. Expenses do not create payment requests for expense reports that have missing or overdue receipts.
- D. An expense report may require original, imaged, or both types of receipts.
Answer: C,D
Explanation:
Explanation
Your company periodically schedules and runs the Generate Overdue and Missing Receipts Notification process that generates overdue receipt notifications.
If receipts are overdue and setup requires that the individual be notified, then Expenses automatically sends a notification to the individual to inform him that receipts are overdue.
An expense report may require original, imaged, or both types of receipts.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAWDE/F1005004AN1204B.htm
NEW QUESTION 52
Which three are attributes that are recognized by Invoice Imaging? (Choose three.)
- A. Invoice Date
- B. Invoice Number
- C. Terms Date
- D. Payment Method
- E. PO Number
Answer: A,B,E
NEW QUESTION 53
What are the two advantages of using a spreadsheet for correcting invoice import errors? (Choose two.)
- A. ability to enter a high volume of invoices via a spreadsheet
- B. ability to correct errors and re-import invoices directly from a spreadsheet
- C. identification of errors with clear error messages at the invoice header level only
- D. identification of errors with clear error messages at the invoice header and line levels
- E. ability to correct errors within the spreadsheet and send invoice corrections for approval
Answer: A,B
Explanation:
Explanation
A: You can fix the interface table data using the Correct Import Errors spreadsheet and resubmits the import process.
E: Consider using the spreadsheetto:
Expedite high volume invoice entry for simple invoices that don't require extensive validation.
Create invoices with similar lines.
Maximize the use of spreadsheet features, such as copy and paste, or hide and unhide.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011878.htm
NEW QUESTION 54
Which three are subject area subfolders that report Payables reconciliation differences to General Ledger?
(Choose three.)
- A. Reconciliation Invoice Details
- B. Reconciliation Invoice Request Details
- C. Reconciliation Payment Details
- D. Reconciliation Invoice Hold Details
- E. Reconciliation Prepayment Application Details
Answer: A,C,E
NEW QUESTION 55
You need to route invoices to three different approvers at the same time, and only one approver needs to approve the invoice.
Which approval ruleset should you use?
- A. FyiTypeParticipantInParallelModeRuleSet
- B. InvoiceApprovalRuleSet
- C. SingleTypeParticipantInParallelModeRuleSet
- D. ParallelTypeParticipantInParallelModeRuleSet
Answer: D
NEW QUESTION 56
Which method can you use to route payment approval rules?
- A. Sequential
- B. Parallel
- C. Serial and FYI (For Your Information)
- D. Both Parallel and Sequential
- E. Approval Groups
Answer: A
NEW QUESTION 57
You have an invoice for $200 USD and a credit memo for $225 USD. In other words, the credit amount exceeds the invoice amount. If you enable the option to apply credits up to zero amount payment, then how will the invoice and credit memo be paid?
- A. Neither the invoice nor the credit memo are included in the payment process request because the credit reduces the payment amount below zero.
- B. Both the invoice and credit memo are included in the payment process request for a payment amount of
$0 USD. The credit memo is partially paid with a remaining credit of $25 USD. - C. Both the invoice and the credit memo are paid and a refund of $25 USD is created.
- D. Both the invoice and the credit memo are selected and the Payment Process Request requires attention.
Answer: B
Explanation:
Explanation
When you submit a "payment process request", you can enable the Apply credits up to zero amount payment option. Enabling the option causes the payment process to apply credits when the credits reduce the payment amount below zero.
The following scenario illustrate the impact of this option.
Credit Amount Greater Than Invoice Amount
An invoice for 200 USD and a credit memo for 225 USD are due for payment.
The following tabledescribes the payment processing that occurs based on the setting for the Apply credits up to zero amount payment option.
Assume that the "Apply Credits Up to Zero Amount" option is enabled.
Payment processing applies 200 USD of the credit memo to the invoice and creates a payment for 0 USD. The remaining credit is 25 USD.
References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9F438E13CC89BA0CE040D30A68816F7
NEW QUESTION 58
When submitting the Payables to General Ledger Reconciliation report, the extract did not select any data.
What should you check?
- A. Make sure you specified a Business Unit in the parameters when running the extract.
- B. Make sure you enabled the Reconciliation flag to all of your liability natural account values.
- C. Make sure you assign an Account parameter when running the extract to include liability accounts.
- D. Make sure you assigned a Financial Category of Accounts Payable to all your liability natural account values.
Answer: D
Explanation:
Explanation
You must assign a Financial Category of Accounts payable to all your liability natural account values. This is a required setup step for Payables to General Ledger reconciliation.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAPPP/F1011880AN1B948.htmc
NEW QUESTION 59
You have created an approval rule as follows:
Rule 1: If the invoice amount > $1000, route it to User 1.
Rule 2: If the invoice amount < $1000, auto approve it.
Now, the user creates an invoice for $1000 and routes it for approval.
What will happen?
- A. Invoice will be auto-approved.
- B. Invoice will be sent to User 1 for approval.
- C. The initiate option is greyed out for the invoice.
- D. The workflow will fail once approval is initiated.
Answer: D
NEW QUESTION 60
Your client is concerned that all expense reports are getting automatically approved by the expenses system despite the setup of an Audit Selection Rule.
What is the reason for this?
- A. The audit selection rule has not been assigned to the business unit
- B. The audit selection rule has not been assigned to the legal entity
- C. An expenses template and type rule has not been setup
- D. Auditing has not been enabled in the system options page
- E. The audit selection rule has not been assigned in the system options page
Answer: A
Explanation:
Explanation
Assign audit rules to business units.
NEW QUESTION 61
A company has a requirement to default the disbursement bank account when submitting a Payment Process Request.
Which two actions will accomplish this? (Choose two.)
- A. Assign the Disbursement Bank Account to users to have the payment process default the bank account.
- B. Define the Disbursement Bank Account to the Payment Method in payment default rules.
- C. Create a Payment Process Request template that includes the Disbursement Bank Account.
- D. Define the Disbursement Bank Account at the business unit level to have the payment process derive the bank account.
- E. Define the Disbursement Bank Account in the Payment tab at the supplier site level.
Answer: C,D
NEW QUESTION 62
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