[Nov 07, 2021] Latest Oracle Financials Cloud 1z0-1055-20 Actual Free Exam Questions
Oracle Financials Cloud 1z0-1055-20 Dumps Updated Practice Test and 114 unique questions
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NEW QUESTION 53
Which statement is correct if the payment terms entered in the invoice differ from the payment terms on the purchase order?
- A. The payment term of the invoice overrides the purchase order payment term.
- B. The user needs to specify which payment term to use.
- C. The payment term of the purchase order overrides the invoice payment term.
- D. The purchase order payment term cannot be overridden.
- E. The user needs to manually change the payment term on the invoice to match the purchase order payment term.
Answer: A
NEW QUESTION 54
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 as the owner of each business unit.
- B. Use segment valuesecurity rules to secure access to business units.
- C. Assign the Expense Auditor job roles to each auditor.
- D. Assign the Expense Auditor Vision Operations and Expense Auditor Vision Services data roles to each Expense Auditor.
Answer: D
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 55
An installment for $1,000 USD is due for payment on January 10, 2019. The installment has two discounts:
the first discount date is December 5, 2018 for $150 USD and the second discount date is December 20, 2018 for $50 USD. The Pay Date Basis on the supplier site is Discount.
You submit a Payment Process Request with the following criteria:
* Payment Date = December 5, 2018
* Pay Through Date = December 25, 2018
* Date Basis = Pay Date
* Always Take Discount option is enabled
What will be the resulting status of the installment and discount?
- A. The installment is not selected because the first discount date is before the Pay Through Date.
- B. The installment is selected and a discount of $200 USD ($150 + $50) is applied.
- C. The installment is selected and a discount of $50 USD (the second discount) is applied.
- D. The installment is selected and a discount of $150 USD is applied because the Always Take Discount option was enabled.
- E. The installment is selected but no discount is applied because the payment date is after the discount dates.
Answer: D
Explanation:
Explanation
Discount Taken Amount is 150 USD. Although the Payment Date is after the discount dates, the first discount is taken because the option Always take discount is enabled.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAPPP/F1011879AN17393.htm
NEW QUESTION 56
Which dashboard or workarea displays the Scanned Invoices region for invoices processed through the Payables Integrated Imaging solution?
- A. Manage Invoices page
- B. C-level executives
- C. Payables Dashboard only
- D. Invoices Workarea only
- E. Payables Dashboard and Invoices Workarea
Answer: D
Explanation:
Explanation
Accounts payable specialists can view the list of scanned images for invoice entry, along with the additional routing attributes, in the Scanned Invoices region of the Invoices work area.
References:http://docs.oracle.com/cd/E36909_01/fusionapps.1111/e20375/F569958AN60E65.htm
NEW QUESTION 57
You have invoices with distributions across primary balancing segments that represent different companies.
What feature should you use if you want the system to automatically balance your invoice's liability amount across the same balancing segments on the invoice distributions?
- A. Subledger Accounting's Account Rules
- B. Intercompany Balancing
- C. Suspense Accounts
- D. Payables' Allow Reconciliation Accounting
- E. Payable's Automatic Offset
Answer: B
Explanation:
Explanation
If you do not enable Automatic Offsets, Payables records the invoice liability using the liability account on the invoice, which defaults from the supplier site. When you distribute invoice distributions across multiple balancing segments, the invoice will not balance by balancing segment. However, General Ledger can automatically create intercompany balancing entries when you post the invoice if you have enabled the Balance Intercompany Journals option for your set of books.
References:https://docs.oracle.com/cd/A60725_05/html/comnls/us/ap/autoff01.htm
NEW QUESTION 58
Identify what Oracle considers two best practices when setting up Payables and Receivables account access for bank reconciliation. (Choose two.)
- A. Assign a few general ledger cash accounts to multiple bank accounts to facilitate book-tobank reconciliation.
- B. Do not assign bank accounts to business units.
- C. Only business units who use the same ledger as the bank accounts owning legal entity can be assigned access.
- D. 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.
- E. Business units must be granted access to the bank account.
Answer: C,E
Explanation:
Explanation
Account Access
Payables and Receivables account access is secured by business unit. In addition to selecting theappropriate application use or uses, one or more business units must be granted access before the bank account can be used by Payables and Receivables. Only business units that use the same ledger as the bank accounts owning legal entity can be assigned access.
NEW QUESTION 59
Select three reasons why you cannot close your Payables period. (Choose three.)
- A. open intercompany transactions
- B. bills payable requiring maturity
- C. unapplied prepayments
- D. unaccounted invoices and payments
- E. suppliers on payment holds
Answer: A,B,D
Explanation:
Explanation
The types of exceptions reported are:
References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9DE8D32BDBE0FBADE040D30A688146
NEW QUESTION 60
You need to submit a 1099 report; your State format has changed slightly since last year. How should you submit your 1099s for the State in the current year?
- A. Edit the 1099 template to reflect the changes, and then run and submit the 1099 report.
- B. Generate a 1096 form and submit it instead.
- C. Manually enter the 1099s for the State and submit.
- D. Run and submit your 1099s because it will automatically reflect any changes.
Answer: A
NEW QUESTION 61
Your client company wants to ensure that the payments they are sending to their financial institution are valid and formatted correctly. They would like to identify any validation failures as early in the process as possible.
Where would you suggest the validations are set?
- A. Disbursement Bank Account
- B. Payment Method
- C. Supplier Site
- D. Payment Format
- E. Payment Terms
Answer: B
NEW QUESTION 62
You have three procurement business units, four requisition business units and five sold-to business units. For which will the supplier registration flows be deployed?
- A. one business unit per supplier
- B. three procurement business units
- C. twelve business units per supplier
- D. four requisition business units
- E. five sold-to business units
Answer: B
Explanation:
Explanation
A supplier is modeled as a global entity, meaning it is not created within a business unit or any other organizational context. A procurement business unit establishes a relationship with asupplier through the creation of a site which maintains internal controls for how procure to pay transactions are executed with the supplier. The other entities of the supplier profile capture mostly external information that is provided by the supplier, such as taxidentifiers, addresses, contact information, and so on.
References:https://docs.oracle.com/cd/E51367_01/procurementop_gs/OAPRC/F1007476AN106E5.htm
NEW QUESTION 63
If you accidentally paid an invoice using Create Payment flow, can you undo the operation?
- A. yes, by creating a credit memo to offset the payment
- B. yes, by canceling the payment process from the process monitor
- C. no
- D. yes, by voiding the payment created
- E. Cancel the invoice and create a new one.
Answer: C
Explanation:
Explanation
You cannot terminate a Payment Instruction:
References:https://docs.oracle.com/cd/E18727_01/doc.121/e12797/T295436T369088.htm
NEW QUESTION 64
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 Expense Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr AP Liability 8000 Cr Prepayment Account 8000.
- B. Invoice accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.The prepayment application has no impact on the Invoice.
- C. Invoice accounting - Dr Expense Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr AP Liability Account 2000 Cr Prepayment Account 2000.
- D. Invoice Accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr Expense Account 8000 Cr Prepayment Account 8000.
Answer: B
NEW QUESTION 65
You want your expense auditors to audit only expense reports for specific business units. How do you do this?
- A. Create your own audit extension rules that correspond to the business unit.
- B. Make auditors the managers of the corresponding business unit to route expense reports properly.
- C. Create a custom duty role and assign the data roles to each auditor.
- D. Assign the expense auditors job role and business unit security context and value to the user.
Answer: D
NEW QUESTION 66
Which invoice types can be included in the Create Payment flow?
- A. Standard, Credit Memo, and Invoice Request
- B. Standard, Debit Memo and Customer Refund
- C. Standard, Credit Memo and Customer Refund
- D. Standard, Credit Memo and Debit Memo
Answer: D
NEW QUESTION 67
Your customer has implemented English as base language and French as a local language. The customer's bank needs the payment file to be sent to them in French. What is the relevant step to do this for preparing the payment template?
- A. Create your template in the local language, then upload it to Business Intelligence (BI) under the custom/payment folder under the templates region. Use English locale and generate the XLIFF file.
Then upload the file back under the translated region. - B. Create your template in English language, then upload it to Business Intelligence (BI) under the custom/payment folder, under the templates region. Use English locale and generate the XLIFF file.
Then upload the file back under the translated region. - C. Create your template in the local language, then upload it to Business Intelligence (BI) under the custom/payment folder under the templates region with English locale.
- D. Create your template in English language, then upload it to Business Intelligence (BI) under the custom/payment folder under the templates region with country locale.
Answer: B
NEW QUESTION 68
What is the recommendation when setting up Reconciliation Rule Sets?
- A. Many to Many rules should always be used last in the sequence.
- B. Many to Many rules should always be used first in the sequence.
- C. One to One rules should be sequenced above rules of other types.
- D. One to One rules should be sequenced below rules of other types.
Answer: C
NEW QUESTION 69
A Payment Process Request was submitted and errors were found in the payment file. The payment file and process were terminated.
Which two statements are true? (Choose two.)
- A. The status of the payment file is Terminated.
- B. The status of each payment in the payment file is Cancelled and the related documents are available for future selection.
- C. The status of each payment in the payment file is Terminated.
- D. The invoices are placed on payment hold.
- E. The status of the payment file is Cancelled.
Answer: A,B
Explanation:
Explanation
If the payment file has been terminated and the documents payable have been returned to the source product, then the status of the Printed Payment File is Terminated.
Oracle Fusion Paymentsinforms the source product of the terminated documents payable. Then for each payment in the payment file, Payments sets the status to Canceled.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAPPP/F1011879AN17393.htm
NEW QUESTION 70
A company has a requirement to default the disbursement bank account when submitting a Payment Process Request.
Which actions will accomplish this? (Choose two.)
- A. Define the Disbursement Bank Account to every supplier.
- B. Create a Payment Process Request template that includes the Disbursement Bank Account.
- C. Define the Disbursement Bank Account at the business unit level to have the payment process derive the bank account.
- D. Assign the Disbursement Bank Account to users to have the payment process default the bank account.
- E. Define the Disbursement Bank Account to the Payment Method in payment default rules.
Answer: B,D
Explanation:
Explanation
D: You can assign thedisbursement bank account and the payment process profile to all documents payable in the payment process request during the Submit Payment Process Request process. If you use a payment process request template, a disbursement bank account and a payment process profile default from the template.
DE:The following options affect payment processing:
References:https://docs.oracle.com/cd/E37017_01/doc.1115/e22897/F438410AN16238.htm
NEW QUESTION 71
What are the output formats supported for Electronic and Check format programs?
- A. Electronic output format of DATA (csv), Check output format of Zipped PDFs
- B. Electronic output format of Text, Check output format of Text
- C. Electronic output format of PDF, Check output format of PDF
- D. Electronic output format of XML, Check output format of rtf
- E. Electronic output format of eText, Check output format of rtf
Answer: E
Explanation:
Explanation
The eText template is used specifically for electronic data interchange (EDI) and electronic funds transfer(EFT).
References: https://docs.oracle.com/cd/E56614_01/common_op/OAEXT/F1203011AN1CABC.htm
NEW QUESTION 72
Which three types of payments can you make if you have access to Disbursement Process Management Duty?
(Choose three.)
- A. Ad hoc payments
- B. Reimbursement of employee expense reports
- C. Customer refunds
- D. Supplier payments
- E. Employee advances
Answer: B,C,D
NEW QUESTION 73
You have an invoice for a three-month lease and wish to recognize the expense monthly for the duration of the lease.
What must be entered on the invoice in order to do this?
- A. You must provide a start date, an end date, and the accrual account for the prepaid expenses in the invoice lines or distributions.
- B. You must provide a start date and an end date for the prepaid expenses in the invoice lines or distributions.
- C. You must provide a start date and the accrual account for the prepaid expenses in the invoice lines or distributions.
- D. You must provide the accrual account for the prepaid expenses in the invoice lines or distributions.
Answer: D
NEW QUESTION 74
You purchased a computer from Company A for 2000 USD. Company B ships you the computer with freight charges of 100 USD. You would like the cost of the computer to include those freight charges.
How can you achieve this?
- A. Choose to Match to Receipt Charges.
- B. Choose Match to Receipt.
- C. Choose to Match to Invoice Lines.
- D. Choose to Match in full to the Purchase Order.
- E. Enter the Invoice manually and add the freight line.
Answer: A
NEW QUESTION 75
Which three reports are generated by the export setup data process? (Choose three.)
- A. Process Results Summary Report
- B. Process Results Detail Listing Report
- C. Setup Data Report
- D. Exported Business Object Report
- E. Process Results Report
Answer: A,C,E
NEW QUESTION 76
Which two statements are true about the Invoice Validation process? (Choose two.)
- A. creates tax lines and distributions
- B. opens the relevant accounting period
- C. creates accounting entries in draft
- D. updates supplier balances
- E. validates project information
Answer: A,E
Explanation:
Explanation
Invoice validations
Etc.
References: https://docs.oracle.com/cloud/farel9/financialscs_gs/FAPPP/F1011878AN100C4.htm
NEW QUESTION 77
The expense auditor has chosen to Request More Information for an expense report. Select two ways the system processes this action. (Choose two.)
- A. The expense report status remains Pending Payables Approval.
- B. The expense report is routed back to the approvers.
- C. The employee must resubmit the expense report.
- D. The audit can be completed before the requested information is received from the employee.
Answer: A,B
NEW QUESTION 78
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