[Oct 21, 2022] Reliable 1Z0-1055-21 Exam Tips Test Pdf Exam Material
New 2022 1Z0-1055-21 Test Tutorial (Updated 142 Questions)
Oracle 1Z0-1055-21 Exam Syllabus Topics:
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NEW QUESTION 24
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. Enable the invoice option Require Invoice Grouping, and the system automatically groups invoices entered in the same spreadsheet.
- B. Make sure the Invoice Number is the same.
- C. Assign the same Invoice Header Identifier to multiple invoices you want to group.
- D. Make sure all the invoice dates are the same.
- E. Enter a value in the Invoice Group field to group similar invoices into a batch.
Answer: A
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 25
The Government has introduced a new reduced tax recovery rate for certain services. You need to amend the configuration for your current tax regime to reflect this change.
Which three setups will you need to complete? (Choose three.)
- A. Setup a new tax rule
- B. Setup a new recovery rate
- C. Setup a new tax
- D. Setup a new status
- E. Setup a new tax rate
- F. Setup Determining Factor and Condition Sets
Answer: A,D,E
Explanation:
Explanation
Set up details for the taxes of a tax regime. Each separate tax in a tax regime includes records that are used to calculate and report on the tax, including:
Tax statuses
Tax rates
Tax rules
NEW QUESTION 26
Identify what Oracle considers two best practices when setting up Payables and Receivables account access for bank reconciliation. (Choose two.)
- A. Only business units who use the same ledger as the bank accounts owning legal entity can be assigned access.
- B. Assign a few general ledger cash accounts to multiple bank accounts to facilitate book-tobank reconciliation.
- C. Business units must be granted access to the bank account.
- D. Do not assign bank accounts to business units.
- E. 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.
Answer: A,C
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 27
Identify three scenarios where you are not allowed to cancel an invoice. (Choose three.)
- A. The invoice is validated.
- B. The invoice is fully or partially paid.
- C. The invoice was adjusted by a credit or a debit memo.
- D. Prepayments were applied to the invoice.
- E. An accounting entry has been created for the invoice.
Answer: B,C,D
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 28
In the Business Intelligence Publisher (BIP) report layout properties page, when you click Extract Translation, the BIP publisher extracts the translatable strings from the BIP report template and exports them into which format?
- A. .pdf (Acrobat reader file)
- B. .xls (Excel file)
- C. .doc (Word file)
- D. .xlf (XLIFF file)
Answer: D
Explanation:
Explanation
BI Publisher extracts the translatable strings from the template and exports them to an XLIFF (.xlf file).
NEW QUESTION 29
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. Payables Dashboard and Invoices Workarea
- E. Invoices Workarea only
Answer: E
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 30
There are four key reports in Cash Management.
What is the correct match for each report and its description?
Report
1. Cash to General Ledger Reconciliation Report
2. Bank Statement Report
3. Cash in Transit Report
4. Bank Statement Analysis Report
Description
1. Lists all transactions for a specific bank account, that have been remitted to the bank but have not been cleared.
2. Displays the bank statements that are used to analyze balances and transaction details.
3. Displays balance and transaction information for specific bank statements.
4. Lists bank statement transactions that are accounted in GL but are not reconciled in Cash Management.
- A. 1 = E, 2 = G, 3 = H, 4 = F
- B. 1 = H, 2 = F, 3 = E, 4 = G
- C. 1 = H, 2 = G, 3 = E, 4 = F
- D. 1 = H, 2 = E, 3 = G, 4 = F
Answer: B
NEW QUESTION 31
Which two statements are true when you are using the Intercompany Reconciliation Reports? (Choose two.)
- A. 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.
- B. The reports will show the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.
- C. You must run the prepare Intercompany Reconciliation Reporting Information process.
- D. You can drill down on the links in the Period Summary report to view the balances by Intercompany Organization.
- E. 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.
Answer: A
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 32
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. Payable's Automatic Offset
- B. Subledger Accounting's Account Rules
- C. Suspense Accounts
- D. Intercompany Balancing
- E. Payables' Allow Reconciliation Accounting
Answer: A
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 33
What is the result of voiding a payment?
- A. The payment is no longer valid.
- B. The payment is reconciled to the bank statement.
- C. A bills payable payment was created but is not yet matured.
- D. A stop payment request has been initiated to the bank.
Answer: A
NEW QUESTION 34
What are the two advantages of using a spreadsheet for correcting invoice import errors? (Choose two.)
- A. ability to correct errors within the spreadsheet and send invoice corrections for approval
- B. ability to enter a high volume of invoices via 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 and re-import invoices directly from a spreadsheet
Answer: B,E
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 35
An invoice for $1,000 USD and a credit memo for ($1,100) USD are due for payment. What are the two outcomes if you chose the "Apply Credits Up to Zero Amount" option when submitting a Payment Process Request? (Choose two.)
- A. Only the invoice is paid fully but the credit memo is partially paid with a credit of ($100) USD remaining.
- B. Neither the invoice nor the credit memo is included in the Payment Process Request.
- C. Both the invoice and the credit memo are included in the Payment Process Request.
- D. Both the invoice and the credit memo are fully paid.
Answer: A,C
Explanation:
Explanation
When yousubmit 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 illustratethe 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 table describes the payment processing that occurs based on the setting for the Apply credits upto 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 36
During an expense audit the auditor marks an expense item that is missing a receipt to be Short Paid. They choose to complete the audit and warn the user.
Given that the Expense Report Audit Approval is set to After Manager Approval, what two are valid results of the auditor action? (Choose two.)
- A. The approved part of the expense report is eligible for expense reimbursement.
- B. Approved part of the expense report is not eligible for expense reimbursement.
- C. New expense report containing disallowed expense items is not created until manager approves the short payment.
- D. New expense report containing disallowed expense items is immediately created.
Answer: B,D
Explanation:
Explanation
New expense report containing disallowed expense items is immediately created.
Expense report isn't eligible for expense reimbursement.
NEW QUESTION 37
Which is the Payables tool based on real-time data?
- A. Oracle Financial Reporting (FR)
- B. Oracle Transactional Business Intelligence (OTBI)
- C. Essbase Cube
- D. Oracle Business Intelligence Applications (OBIA)
- E. Smart View
Answer: B
Explanation:
Explanation
Oracle Transactional Business Intelligence (OTBI) provides real-time insight into HCM business processes.
Traditional ad-hoc reporting tools require a user to have an understanding of the data objects in the database.
References:http://www.oracle.com/us/products/applications/fusion/hcm-oracle-transactional-bi-ds-2187697.pdf
NEW QUESTION 38
You entered an invoice of 12,000 and paid it for Office Suppliers. The payment was never received by the supplier, and you decide to return the entire order. What should you do?
- A. Void the payment, which debits cash and credits the liability, and then issue a credit memo, which debits the liability and credits the expense.
- B. Cancel the invoice, which debits the liability and credits the expense.
- C. Issue a credit memo, which will debit the liability and credit the expense.
- D. Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits the expense.
Answer: D
NEW QUESTION 39
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 purchase order payment term cannot be overridden.
- D. The payment term of the purchase order overrides the invoice payment term.
- E. The user needs to manually change the payment term on the invoice to match the purchase order payment term.
Answer: A
NEW QUESTION 40
Select three reasons why you cannot close your Payables period. (Choose three.)
- A. unaccounted invoices and payments
- B. unapplied prepayments
- C. open intercompany transactions
- D. suppliers on payment holds
- E. bills payable requiring maturity
Answer: A,C,E
Explanation:
Explanation
The types of exceptions reported are:
References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9DE8D32BDBE0FBADE040D30A688146
NEW QUESTION 41
What is the recommendation when setting up Reconciliation Rule Sets?
- A. Many to Many rules should always be used last in the sequence.
- B. One to One rules should be sequenced below rules of other types.
- C. One to One rules should be sequenced above rules of other types.
- D. Many to Many rules should always be used first in the sequence.
Answer: C
NEW QUESTION 42
Which three options are available to filter data when you submit the Prepare Payables to Ledger Reconciliation report? (Choose three.)
- A. Natural Account
- B. Business Unit
- C. Balancing Segment Value
- D. Supplier
- E. Legal Entity
- F. Ledger Set
Answer: B,C,F
Explanation:
Explanation
Typically General Ledger users are secured by data access sets. Data access sets use primary balancing segment values to secure access to ledgers, ledger sets, and portions of ledgers. Payables users are secured by business units.
For the Payables to General Ledger Reconciliation report:
General Ledger users can see general ledger data for the balancing segment values in their data access set.
General Ledger users can also see the Payables or Oracle Fusion Subledger Accounting data for all business units linked to the ledger.
Payables users can see the Payables and Subledger Accounting data for business units in their security definition. Payables users can also see general ledger data for all balancing segment values in the ledger.
NEW QUESTION 43
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 Invoice Lines.
- B. Choose to Match in full to the Purchase Order.
- C. Choose to Match to Receipt Charges.
- D. Enter the Invoice manually and add the freight line.
- E. Choose Match to Receipt.
Answer: C
NEW QUESTION 44
Your client company has two business units and requires the Payables Specialist to process invoice transactions for both business units.
What setup is required to achieve this?
- A. a Dedicated and Self-Service Service Provider Model
- B. a Dedicated Service Provider model
- C. a Self-Service Service Provider Model
- D. Business Unit Security
Answer: D
NEW QUESTION 45
Which three attributes are captured during the scanning of invoice images?
- A. Terms Date
- B. Invoice Number
- C. Payment Method
- D. Invoice Date
- E. PO Number
Answer: B,D,E
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 46
You need to have an 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.
Select two methods to achieve this. (Choose two.)
- A. Define a distribution set and assign it to the supplier.
- B. Choose the 'All Lines' option from the Allocate menu in the invoice line area.
- C. Configure Subledger Accounting rules to allocate costs.
- D. Define a distribution set and assign it manually to the invoice.
Answer: C,D
Explanation:
Explanation
A: Account Rules by Segment
Define segment rules to derive a specific segment of the general ledger account. For example, a particular segment like the company segment can be determined from the distribution account. Another segment can be determined with the use of a constant value. Creating the account one segment at a time offers greater flexibility, but also requires more setup.
C: You can use a Distribution Set to automatically enter distributions foran invoice when you are not matching it to a purchase order. For example, you can create for an advertising supplier a Distribution Set that allocates advertising expense on an invoice to four advertising departments.
References:https://docs.oracle.com/cd/A60725_05/html/comnls/us/ap/distsets.htm
NEW QUESTION 47
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 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).
- C. The tax calculated on the prepayment is reversed completely and the tax rateapplied to the invoice line is retained.
- D. 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).
Answer: D
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 48
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. three procurement business units
- B. twelve business units per supplier
- C. one business unit per supplier
- D. four requisition business units
- E. five sold-to business units
Answer: A
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 49
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