Ultimate Guide to Prepare 1Z0-1055-21 Certification Exam for Oracle Cloud in 2021
Use Real 1Z0-1055-21 Dumps - Oracle Correct Answers updated on 2021
Oracle 1Z0-1055-21 Exam Syllabus Topics:
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NEW QUESTION 85
Which reporting tool is used to report on real-time data?
- A. Essbase Cube
- B. Smart View
- C. Oracle Business Intelligence Publisher
- D. Oracle Transactional Business Intelligence (OTBI)
- E. Oracle Financial Reporting Studio
Answer: D
NEW QUESTION 86
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. Both the invoice and the credit memo are selected and the Payment Process Request requires attention.
- B. Both the invoice and the credit memo are paid and a refund of $25 USD is created.
- C. Neither the invoice nor the credit memo are included in the payment process request because the credit reduces the payment amount below zero.
- D. 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.
Answer: D
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 87
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. SingleTypeParticipantInParallelModeRuleSet
- B. InvoiceApprovalRuleSet
- C. ParallelTypeParticipantInParallelModeRuleSet
- D. FyiTypeParticipantInParallelModeRuleSet
Answer: C
NEW QUESTION 88
You have an invoice with a payment term that has the following settings:
* Day of Month = 15
* Cut off Day = 11
* Months Ahead = 0
* Terms Date on Invoice = January 12th
What will the resulting due date for the invoice installment be?
- A. January 15th
- B. March 15th
- C. April 15th
- D. February 15th
Answer: D
NEW QUESTION 89
What happens if a company runs the Payables Unaccounted Transactions Sweep program for February 2018 if the invoices with a Hold status have an invoice date of January 20, 2018?
- A. The accounting dates of all unaccounted invoices will be changed to February 20,2018, the same day of the next period.
- B. The accounting dates of all unaccounted invoices will be changed to February 1, 2018, the first day of the next period.
- C. The accounting dates of all unaccounted invoices will remain unchanged at January 20, 2018.
- D. The accounting dates of all unaccounted invoices will change to February 28, 2018, the last day of the next period.
Answer: B
Explanation:
Explanation
Run the Payables Unaccounted Transactions Sweep program to transfer unaccounted transactions from one accounting period to another. If your accounting practices permit it, use this program to change the accounting date of the transactions to the next open period.
The program transfers unaccounted transactions to the period you specify by updating the accounting dates to the first day of the new period.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAPPP/F1011880AN1B948.htm
NEW QUESTION 90
A Payables user creates a manual invoice and a Withholding Tax Classification Code defaults on the invoice line when the invoice is saved.
Where does this Withholding Tax Classification Code default from?
- A. From the Site Assignments of the Supplier Site
- B. From the Manage Tax Reporting and Withholding Tax Options
- C. From the Party Tax Profile of the Third Party Site
- D. From the Income Tax region of the Supplier
Answer: B
Explanation:
Explanation
Set withholding tax options on the Manage Tax Reporting and Withholding Tax Options page and on the supplier setup.
NEW QUESTION 91
Which three attributes are captured during the scanning of invoice images?
- A. Terms Date
- B. Invoice Date
- C. Invoice Number
- D. PO Number
- E. Payment Method
Answer: B,C,D
Explanation:
Explanation
For Payables invoice processing, PO number, supplier, invoice number, invoice amount, invoice date, customer taxpayer ID, and business unit are extracted as part of the predefined configurations.
This figure shows the Scanned information tileon the Invoices landing page.
References:http://docs.oracle.com/cd/E36909_01/fusionapps.1111/e20375/F569958AN60E65.htm
NEW QUESTION 92
Which three are subject area subfolders that report Payables reconciliation differences to General Ledger?
(Choose three.)
- A. Reconciliation Invoice Hold Details
- B. Reconciliation Prepayment Application Details
- C. Reconciliation Invoice Details
- D. Reconciliation Payment Details
- E. Reconciliation Invoice Request Details
Answer: B,C,D
NEW QUESTION 93
You have evaluated the use of Oracle Maps Cloud service with Expenses for mileage calculation. The decision is to use this feature.
How do you enable the feature?
- A. Set Enable Oracle Maps to yes in the expense report template.
- B. Set Enable Oracle Maps to yes in the expense mileage policies.
- C. Set the profile option ORA_EXM_ORACLE_MAPS to yes at the site level.
- D. Set Enable Oracle Maps to yes in the expenses system options.
Answer: B
Explanation:
Explanation
Create a mileage policy, optionally include a commute deduction rule, and then assign the mileage policy to an expense type to activate the policy.
NEW QUESTION 94
An installment meets all the selection criteria of a Payment Process Request, but it still does not get selected for payment processing.
What are the two possible reasons for this? (Choose two.)
- A. The pay-through date is in a closed Payables period.
- B. The invoice has not been accounted.
- C. The invoice requires approval.
- D. The invoice needs re-validation.
- E. The pay-through date is in a future period.
Answer: C,D
NEW QUESTION 95
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 on the Manage Business Unit Set Assignments page.
- B. Assign the Expense Auditor job role to each auditor and use segment value security rules to secure access to the business units.
- C. Assign the Expense Auditor job role to each auditor and associate the business unit to the role by using the Manage Data Access for Users page.
- D. Assign the Expense Auditor job role to each auditor and use a data access set to associate the business unit to the role.
Answer: C
NEW QUESTION 96
Which statement is correct if the payment terms entered in the invoice differ from the payment terms on the purchase order?
- A. The user needs to specify which payment term to use.
- B. The payment term of the purchase order overrides the invoice payment term.
- C. The user needs to manually change the payment term on the invoice to match the purchase order payment term.
- D. The payment term of the invoice overrides the purchase order payment term.
- E. The purchase order payment term cannot be overridden.
Answer: D
NEW QUESTION 97
You are using both Procurement and Financials. You want the system to automatically accrue uninvoiced receipts. Select two true statements. (Choose two.)
- A. For perpetual accruals, the invoice accounting debits the accrual account and credits the liability account.
- B. For period end accruals, the invoice accounting debits the expense account and credits the liability account.
- C. For period end accruals, accounting is created at material receipt or at delivery to a final destination.
- D. For period end accruals, the invoice accounting for inventory items debits receipt inventory and credits the uninvoiced receipts.
Answer: A,B
NEW QUESTION 98
Which two are classified as Self-Billed invoices? (Choose two.)
- A. Customer Refunds initiated from Receivables
- B. Evaluated Receipt Settlement (ERS) Invoices
- C. Debit Memos created by the Return to Supplier feature
- D. Expense Reports transferred from Expenses
- E. Invoices entered through the Supplier Portal
- F. Invoices created using Integrated Imaging
Answer: B,E
Explanation:
Explanation
Select ERS and Use in the Transaction source parameter when running the Pay on Receipt Auto-invoice concurrent program.
You enable paying your supplier by selecting a method on the Purchasing tab of the Supplier Sites window in Oracle Payables.
NEW QUESTION 99
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. Create a Payment Process Request template that includes the Disbursement Bank Account.
- B. Assign the Disbursement Bank Account to users to have the payment process default the bank account.
- C. Define the Disbursement Bank Account at the business unit level to have the payment process derive the bank account.
- D. Define the Disbursement Bank Account in the Payment tab at the supplier site level.
- E. Define the Disbursement Bank Account to the Payment Method in payment default rules.
Answer: A,C
NEW QUESTION 100
Identify three scenarios where you are not allowed to cancel an invoice. (Choose three.)
- A. Prepayments were applied to the invoice.
- B. The invoice is fully or partially paid.
- C. An accounting entry has been created for the invoice.
- D. The invoice is validated.
- E. The invoice was adjusted by a credit or a debit memo.
Answer: A,B,E
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 101
Which two invoice types can have a status of Incomplete? (Choose two.)
- A. Prepayment Invoices which are fully paid but not applied against any invoice
- B. Supplier Portal Invoices which are rejected and resubmitted for approval
- C. Scanned Invoices with incomplete or missing information
- D. Scanned Invoices which are rejected during import
- E. Supplier Portal Invoices which are saved but not yet submitted
Answer: B,C
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 102
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 the accrual account for the prepaid expenses in the invoice lines or distributions.
- C. You must provide a start date and an end date 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 103
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 employee must resubmit the expense report.
- B. The expense report status remains Pending Payables Approval.
- C. The expense report is routed back to the approvers.
- D. The audit can be completed before the requested information is received from the employee.
Answer: B,C
Explanation:
Explanation
To request more information for an expense report, select the Request More Information option from the Actions menu in theheader of the Audit Expense Report page. The employee receives a notification that includes the reason for the request, specific instructions, and any additional instructions from you. Selecting the Request More Information action results in the following:
References:https://docs.oracle.com/cd/E60665_01/financialscs_gs/FAWDE.pdf
NEW QUESTION 104
What is the invoice type of an unapproved, unmatched invoice that was created in the Supplier Portal?
- A. iSupplier Invoice
- B. Supplier payment request
- C. Standard invoice request
- D. Standard Invoice
- E. Credit Memo
Answer: C
Explanation:
Explanation
Standard invoice request: An invoice submitted without a purchase order by a supplier through Oracle Fusion Supplier Portal thatis pending review and approval by the appropriate persons within the deploying company.
References:https://docs.oracle.com/cd/E37583_01/doc.1116/e22897/F431919AN100ED.htm
NEW QUESTION 105
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 selected and a discount of $50 USD (the second discount) is applied.
- B. The installment is not selected because the first discount date is before the Pay Through Date.
- C. The installment is selected and a discount of $200 USD ($150 + $50) is applied.
- D. The installment is selected but no discount is applied because the payment date is after the discount dates.
- E. The installment is selected and a discount of $150 USD is applied because the Always Take Discount option was enabled.
Answer: E
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 106
A company has three legal entities each with a corresponding business unit all within the same country. All organizations buy and sell the same products. You are configuring the tax setup.
What is the minimum number of Tax Regimes you need to configure for this company?
- A. 0
- B. 1
- C. 2
- D. 3
Answer: D
Explanation:
Explanation
You must set up a separate tax registration to represent each distinct registration requirement for a first party legal reporting unit.
NEW QUESTION 107
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. Manually enter the 1099s for the State and submit.
- B. Edit the 1099 template to reflect the changes, and then run and submit the 1099 report.
- C. Generate a 1096 form and submit it instead.
- D. Run and submit your 1099s because it will automatically reflect any changes.
Answer: B
NEW QUESTION 108
Your company policy requires imaged receipts for expense reports.
Which two statements are true about the association of a receipt to an expense report? (Choose two.)
- A. An expense report may require original, imaged, or both types of receipts.
- B. Employees are not reimbursed for expense report expenditures until missing or overdue imaged receipts are submitted.
- C. Receipts are not required if the expense item falls within Per Diem Rates.
- D. Users can maintain scanned receipts in a central repository and provide a reference number in the expense report.
Answer: A,D
NEW QUESTION 109
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. 0
- B. 1
- C. 2
- D. 3
Answer: A
Explanation:
Explanation
Company Pay: Your company pays the corporate card issuer for all transactions.
NEW QUESTION 110
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