[Oct 31, 2021] 1Z0-1055-21 Ultimate Study Guide - Actual4Labs
Ultimate Guide to Prepare 1Z0-1055-21 Certification Exam for Oracle Cloud in 2021
NEW QUESTION 18
Which two statements are true about the Invoice Validation process? (Choose two.)
- A. validates project information
- B. opens the relevant accounting period
- C. creates accounting entries in draft
- D. updates supplier balances
- E. creates tax lines and distributions
Answer: A,E
Explanation:
Explanation
Invoice validations
Etc.
References: https://docs.oracle.com/cloud/farel9/financialscs_gs/FAPPP/F1011878AN100C4.htm
NEW QUESTION 19
Which job role has full access to perform all Functional Setup Manager related activities?
- A. Application Implementation Consultant
- B. Any Functional User
- C. Functional Setup Manager Superuser
- D. IT Security Manager
- E. Application System Administrator
Answer: A
NEW QUESTION 20
In what order should the import process be run when importing suppliers?
- A. Supplier, Supplier Address, Supplier Site, Supplier Site Assignments
- B. any order
- C. Supplier, Supplier Site Assignment, Supplier Site, Supplier Contacts
- D. Supplier, Supplier Site Contacts, Supplier Site, Supplier Site Assignment
Answer: A
Explanation:
Explanation
The following programs are used to import supplier information:
When importing supplier records containing data in each table, then Suppliers must be run first, followed by the Supplier Sites import process. Once the data is inserted, the following concurrent processes must be run to create the information in Oracle Fusion Suppliers.
Suppliers Import Process
Supplier Sites Import Process
Supplier Site Contacts Import Process
Supplier Site Assignments Process
References:https://docs.oracle.com/cd/E56614_01/procurementop_gs/OAPRC/F1007476AN1079E.htm
NEW QUESTION 21
While processing an expense report, the system placed a payment hold on the expense report. What are two ways to release payment holds? (Choose two.)
- A. The expense auditor can manually release the payment hold at his discretion.
- B. The employee's supervisor can manually release the hold.
- C. Payables Manager can release payment holds in Payables.
- D. Based on the receipt status, the Expenses program can automatically release the payment hold once it detects that receipts are received or waived.
- E. The employee can manually release the hold.
Answer: A,D
Explanation:
Explanation
Payment holds are released in the following ways:
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAWDE/F1005004AN1204B.htm
NEW QUESTION 22
Identify three scenarios where you are not allowed to cancel an invoice. (Choose three.)
- A. The invoice is fully or partially paid.
- B. Prepayments were applied to the invoice.
- C. The invoice is validated.
- D. An accounting entry has been created for the invoice.
- 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 23
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 the credit memo are selected and the Payment Process Request requires attention.
- C. 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. - D. Both the invoice and the credit memo are paid and a refund of $25 USD is created.
Answer: C
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 24
An installment for $2,000 USD is due for payment on July 31, 2018. The installment has two discounts: the first discount date is June 15, 2018 for $150 USD and the second discount date is June 30, 2018 for $50 USD.
You submit a Payment Process Request with the following criteria:
* Payment Date = June 20, 2018
* Pay Through Date = July 30, 2018
* Date Basis = Due Date
What will be the resulting status of the installment and discount?
- A. The installment is selected and no discount is applied.
- B. The installment is selected and a discount of $150 USD is applied.
- C. The installment is not selected because the discount dates are before the Pay Through Date.
- D. The installment is not selected because the due date is after the Pay Through Date.
- E. The installment is selected and a discount of $50 USD is applied.
Answer: D
Explanation:
Explanation
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011879.htm#FAPPP1011879
NEW QUESTION 25
When working with reference data sets in Payables, what reference data sharing method can you use for Payables Payment Terms?
- A. Assignment to one set only with common values
- B. Assignment to multiple sets; no common values allowed
- C. Assignment to multiple sets with common values allowed
- D. Assignment to one set only; no common values allowed
Answer: B
Explanation:
Explanation
Assignment to multiple sets, no common values allowed. The method of sharing reference data that allows a reference data object instance to be assigned to multiple sets. For instance, Payables Payment Terms use this method.
NEW QUESTION 26
Your customer matches their invoices to a purchase order and have noticed that the payment terms are defaulting from the order. For some suppliers, they would like to use the payment terms from the supplier site.
How can the customer achieve this?
- A. Enter the payment terms in the Manage Invoice Options page so they default onto the invoice.
- B. Enter the payment terms in the Manage Payment Options page so they default onto the invoice.
- C. Enter the payment terms at the supplier site level so they default onto the invoice.
- D. Enter the payment terms at the Supplier level so they default onto the invoice.
- E. Manually override the payment terms that have defaulted from the purchase order for those suppliers.
Answer: E
NEW QUESTION 27
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 role to each auditor and associate the business unit to the role by using the Manage Data Access for Users page.
- B. Assign the Expense Auditor job role to each auditor and use a data access set to associate the business unit to the role.
- C. Assign the Expense Auditor job role to each auditor and use segment value security rules to secure access to the business units.
- D. Assign the Expense Auditor as the owner of each business unit on the Manage Business Unit Set Assignments page.
Answer: A
NEW QUESTION 28
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. Run the Prepare Payables to General Ledger Reconciliation report at Ledger level.
- B. Run the Prepare Payables to General Ledger Reconciliation report for combination of Ledger and Balancing Segment Value.
- C. Running the Prepare Payables to General Ledger Reconciliation report is NOT available when there is a centralized payment processing.
- D. Run the Prepare Payables to General Ledger Reconciliation report at Business Unit level.
Answer: D
Explanation:
Explanation
Business unit if you implemented centralized payment processing using the service provider model.
NEW QUESTION 29
How will system evaluate the tolerances for expense reports?
- A. System will calculate error tolerance as (|Policy Rate * (1+Error Tolerance/100)|) currency precision.
- B. System will use absolute amount tolerance setup to do validations.
- C. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100).
- D. System will calculate error tolerance as Policy Rate * (1+Warning Tolerance+ Error Tolerance/100).
- E. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100)*currency precision.
Answer: C
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 30
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. Create a new template to make changes as requested by the bank.
- B. No change in the template is needed as we can achieve this using user-defined validations to move the positions as required.
- C. Copy and modify the existing template to alter the positions as requested by the bank.
- D. Keep the payment process profile and leave the format programs unchanged.
- E. Create a newpayment process profile and a new format program.
- F. Oracle Data Integrator or Golden Gate can be used to map the fields as required.
Answer: A,C
NEW QUESTION 31
Which three are subject area subfolders that report Payables reconciliation differences to General Ledger?
(Choose three.)
- A. Reconciliation Prepayment Application Details
- B. Reconciliation Invoice Hold Details
- C. Reconciliation Invoice Request Details
- D. Reconciliation Invoice Details
- E. Reconciliation Payment Details
Answer: A,D,E
NEW QUESTION 32
What data can you find in an Oracle Transactional Business Intelligence subject area attribute column?
- A. data that provides a measure of something
- B. data that is metric and can be added up or aggregated
- C. values that are organized into parent-child relationships
- D. information about a business object with values that are dates, Ids or text
Answer: D
NEW QUESTION 33
You applied a prepayment amount of $5,000 USD to a $10,000 USD invoice. At the time of prepayment, the applicable tax rate was 5% ($250 USD); at the time of invoice creation, the tax rate is 10%. When you set up taxes, you choose to Recalculate Taxes for the Applied Amount Handling option.
How will the resulting tax be calculated?
- A. The tax for the prepayment is recalculated and the generated tax line amount will be $250 USD (5% *
10,000-5000). - B. The tax for the prepayment is recalculated to use the new invoice tax rate that is also used for the invoice line amount. The two generated tax lines show $1,000 USD (10% * 10,000) for the invoice line tax amount and a prepayment tax line of -500 USD (10% * -5000).
- C. The tax calculated on the prepayment is reversed completely and the tax rateapplied to the invoice line is retained.
- D. The tax calculation creates two tax lines: one for the invoice line amount and one for the prepayment with a negative amount. The two generated tax lines show $1,000 USD (10% * 10,000) for the invoice line tax amount and a prepayment tax line of -250 USD (5% * -5000).
Answer: B
Explanation:
Explanation
When you apply a prepayment to an invoice, the tax rate at the time of prepayment may differ from the tax rate at the time that the prepayment is applied to an invoice. Oracle Fusion Tax considers the tax calculated on the prepayment according to the value assigned to the Applied Amount Handling option in the tax record. The values are Recalculated and Prorated.
For example, you apply a prepayment amount of 5,000 USD to an invoice with a total amount of10,000 USD.
At the time of prepayment, the applicable tax rate was 5% (250 USD tax on the prepayment); at the time of invoice creation, the applicable tax rate is 10%. Tax is calculated in this way:
* Recalculated: The tax is recalculated on the prepayment using the invoice tax rate and the same tax rate is applied to the invoice line amount. The tax calculation creates two tax lines: one for the invoice line amount and one for the prepayment with a negative amount. In the invoice example, the calculationcreates an invoice line amount tax line of 1,000 USD (10% * 10,000 USD) and a prepayment tax line of -500 USD (10% * -5000 USD). This reverses tax calculated on the invoice for the prepayment amount applied. The tax calculated on the prepayment is retained.
* Prorated:Etc.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAFTT/F1006655AN242EE.htm
NEW QUESTION 34
You are testing the Payables to General Ledger Reconciliation report at the ledger level for your UK Ledger, you have run and selected the extract for the report but the request returned the message no data to display.
What is the reason for this?
- A. You did not select the business units associated to the UK Ledger.
- B. You did not specify the range of liability accounts to include in the extract.
- C. The financial category of Accounts Payable is not assigned to the liability accounts.
- D. The reconciliation flag has not been enabled for your liability accounts.
Answer: C
NEW QUESTION 35
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 the accrual account for the prepaid expenses in the invoice lines or distributions.
- D. You must provide a start date and the accrual account for the prepaid expenses in the invoice lines or distributions.
Answer: C
NEW QUESTION 36
You need to have your invoice line automatically distributed across multiple cost centers. For example, you want your monthly utility bill allocated across multiple cost centers based on a percentage.
Which two are valid methods to achieve this? (Choose two.)
- A. Define a distribution set and assign it manually to the invoice.
- B. Choose the 'All Lines' option from the Allocate menu in the invoice line area.
- C. Define a distribution set and assign it to the supplier.
- D. Define a payment term and assign it to the invoice.
Answer: A,D
NEW QUESTION 37
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 PDF, Check output format of PDF
- C. Electronic output format of eText, Check output format of rtf
- D. Electronic output format of Text, Check output format of Text
- E. Electronic output format of XML, Check output format of rtf
Answer: C
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 38
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