Pass Oracle Cloud 1Z0-1055-21 exam [Jul 28, 2022] Updated 142 Questions
Oracle 1Z0-1055-21 Actual Questions and 100% Cover Real Exam Questions
NEW QUESTION 46
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 remain unchanged at January 20, 2018.
- C. The accounting dates of all unaccounted invoices will change to February 28, 2018, the last day of the next period.
- D. The accounting dates of all unaccounted invoices will be changed to February 1, 2018, the first day of the next period.
Answer: D
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 47
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 and the accrual account for the prepaid expenses in the invoice lines or distributions.
- B. You must provide the accrual account for the prepaid expenses in the invoice lines or distributions.
- C. You must provide a start date, an end date, and the accrual account for the prepaid expenses in the invoice lines or distributions.
- D. You must provide a start date and an end date for the prepaid expenses in the invoice lines or distributions.
Answer: B
NEW QUESTION 48
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 with English locale.
- B. 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.
- C. 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. - D. 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.
Answer: D
NEW QUESTION 49
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. Receipts are not required if the expense item falls within Per Diem Rates.
- B. Employees are not reimbursed for expense report expenditures until missing or overdue imaged receipts are submitted.
- C. Users can maintain scanned receipts in a central repository and provide a reference number in the expense report.
- D. An expense report may require original, imaged, or both types of receipts.
Answer: C,D
NEW QUESTION 50
What is the recommendation when setting up Reconciliation Rule Sets?
- A. One to One rules should be sequenced above rules of other types.
- B. Many to Many rules should always be used last in the sequence.
- C. One to One rules should be sequenced below rules of other types.
- D. Many to Many rules should always be used first in the sequence.
Answer: A
NEW QUESTION 51
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 employee's supervisor can manually release the hold.
- B. The expense auditor can manually release the payment hold at his discretion.
- C. Based on the receipt status, the Expenses program can automatically release the payment hold once it detects that receipts are received or waived.
- D. Payables Manager can release payment holds in Payables.
- E. The employee can manually release the hold.
Answer: B,C
Explanation:
Explanation
Payment holds are released in the following ways:
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAWDE/F1005004AN1204B.htm
NEW QUESTION 52
You want your expense auditors to audit only expenses reports for specific business units. How do you do this?
- A. Make auditors the managersof the corresponding business unit to route expense reports properly.
- B. Assign the auditors' specific data roles for the corresponding business units.
- C. Create your own audit extension rules that correspond to the business unit.
- D. Create a custom duty role and assign the data roles to each auditor.
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 to audit 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.htm
NEW QUESTION 53
You are using the Payable's Deferred Expense feature (also known as Multiperiod Accounting). You have entered an invoice for a three-month lease that is entered on Jan 10th. The total expense is $12,000 and it covers the rental period from Jan 1st to Mar 31st.
Assuming that the rental expenses are split evenly per month and a monthly accounting calendar is used, what would the accounting entry be?
- A. On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Jan 10th, Debit Rental Expense for 12,000 and Credit Cash for 12,000
- B. On Jan 10th, Debit Prepaid Expense for 12,000 and Credit Liability 12,000
- C. On Jan 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
- D. On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000 and thenOn Jan 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Feb 28th, Debit Rental Expense for
4,000 and Credit Prepared Expense for 4,000On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
Answer: D
NEW QUESTION 54
You need to enter a last-minute invoice during the close process. What is the quickest way to enter and post the invoice to general ledger?
- A. Enter the invoice in the Create Invoice page, choose the Validate option, and then the Account and Post to Ledger option.
- B. Enter the invoice via a spreadsheet and then validate, account, and post the invoice from the spreadsheet.
- C. Enter and post a manual journal entry directly into the general ledger.
- D. Enter the invoice via a spreadsheet. Then, from the Manage Invoices page, query the invoice, validate it, create accounting, and then open general ledger's Manage Journals page and post the associated invoice journal entry.
Answer: D
NEW QUESTION 55
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 to Match in full to the Purchase Order.
- C. Choose Match to Receipt.
- D. Choose to Match to Invoice Lines.
- E. Enter the Invoice manually and add the freight line.
Answer: A
NEW QUESTION 56
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. Choose the 'All Lines' option from the Allocate menu in the invoice line area.
- B. Define a distribution set and assign it to the supplier.
- C. Define a distribution set and assign it manually to the invoice.
- D. Configure Subledger Accounting rules to allocate costs.
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 57
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. .xlf (XLIFF file)
- B. .xls (Excel file)
- C. .pdf (Acrobat reader file)
- D. .doc (Word file)
Answer: A
Explanation:
Explanation
BI Publisher extracts the translatable strings from the template and exports them to an XLIFF (.xlf file).
NEW QUESTION 58
During your business trip to the UK, you took a taxi ride and paid for it by using your personal Visa credit card. While entering your expenses, you get a warning that a different conversion rate was applied to the taxi expense by Visa that the one used by your company.
How do you handle this situation?
- A. Call Visa to address the issue and tell them to make adjustments to their conversion rate. Then, wait to get a revised statement.
- B. Overwrite the conversion rate with the one Visa provided and enter a justification that Visa used a different conversion rate.
- C. Use the corporate-defined conversion rate even if it means you will not be reimbursed fully.
- D. Do not enter the taxi expense and call your Finance Department so that they can make changes in the conversion rate settings and you do not violate the allowable limit.
Answer: B
Explanation:
Explanation
Payables uses five types of exchange rates. Payables uses exchange rates to convert invoice and payment amounts into your ledger currency.
* User. Used to manually enter your own exchange rate during invoiceentry or at payment time. If you use the User exchange rate type, if the Payables option Calculate User Exchange Rate is enabled, and if you are using the Invoices window or the open interface table, then Payables calculates the invoice exchange rate if you provide the Ledger Currency amount.
Etc.
References:https://docs.oracle.com/cd/E18727_01/doc.121/e12797/T295436T368341.htm
NEW QUESTION 59
Which two invoice types can have a status of Incomplete? (Choose two.)
- A. Supplier Portal Invoices which are saved but not yet submitted
- B. Prepayment Invoices which are fully paid but not applied against any invoice
- C. Supplier Portal Invoices which are rejected and resubmitted for approval
- D. Scanned Invoices with incomplete or missing information
- E. Scanned Invoices which are rejected during import
Answer: C,D
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 60
In what order should the import process be run when importing suppliers?
- A. Supplier, Supplier Site Contacts, Supplier Site, Supplier Site Assignment
- B. any order
- C. Supplier, Supplier Site Assignment, Supplier Site, Supplier Contacts
- D. Supplier, Supplier Address, Supplier Site, Supplier Site Assignments
Answer: D
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 61
Your intercompany transaction type is active and enabled for invoicing. What are the two prerequisites to generate intercompany receivables and intercompany payable transactions after the Generate Intercompany Allocations process is run? (Choose two.)
- A. Supplier site primary pay flag and customer account bill to primary flag should be enabled.
- B. Manual Approvals should be allowed for the transaction type.
- C. For the Legal Jurisdiction, Legal function: "Generate intercompany invoice" should be assigned.
- D. Run the processes Create Intercompany transactions to Receivables and Create Intercompany transactions to Payables.
- E. Run the processes Transfer Intercompany transactions to Receivables and Transfer Intercompany transactions to Payables.
- F. Schedule create accounting for the intercompany process.
Answer: A,E
Explanation:
Explanation
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAUGL/FAUGL1476872.htm
NEW QUESTION 62
Which is the Payables tool based on real-time data?
- A. Essbase Cube
- B. Smart View
- C. Oracle Transactional Business Intelligence (OTBI)
- D. Oracle Business Intelligence Applications (OBIA)
- E. Oracle Financial Reporting (FR)
Answer: C
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 63
Which invoice types can be included in the Create Payment flow?
- A. Standard, Debit Memo and Customer Refund
- B. Standard, Credit Memo and Debit Memo
- C. Standard, Credit Memo and Customer Refund
- D. Standard, Credit Memo, and Invoice Request
Answer: B
NEW QUESTION 64
Which reports can show you differences between your subledger balances and general ledger balances to help you reconcile quickly?
- A. General Ledger Financial Statements and the Accounts Payable and Invoice Registers
- B. Payables to Ledger Reconciliation report
- C. Payables Aging reports with the General Ledger Trial Balance report
- D. Payables Trial Balance and General Ledger Trial Balance reports
Answer: D
Explanation:
Explanation
Payables Trial Balance Report lists and subtotals by supplier and liability account all unpaid and partially paid invoices thatPayables transferred to the general ledger. Accounts Payable Trial Balance Report helps to verify that total accounts payable liabilities in Payables equal to those in the Fusion General Ledger.
References:
http://apps2fusion.com/oracle-fusion-online-training/fusion-applications/oracle-fusion-financials/fusion-financia rate-trial-balance-report
NEW QUESTION 65
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. New expense report containing disallowed expense items is immediately created.
- 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. The approved part of the expense report is eligible for expense reimbursement.
Answer: A,B
Explanation:
Explanation
New expense report containing disallowed expense items is immediately created.
Expense report isn't eligible for expense reimbursement.
NEW QUESTION 66
Select three reasons why you cannot close your Payables period. (Choose three.)
- A. unapplied prepayments
- B. bills payable requiring maturity
- C. open intercompany transactions
- D. suppliers on payment holds
- E. unaccounted invoices and payments
Answer: B,C,E
Explanation:
Explanation
The types of exceptions reported are:
References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9DE8D32BDBE0FBADE040D30A688146
NEW QUESTION 67
Certain suppliers that your customer regularly deals with are exempt from tax. How would you configure tax for this?
- A. Define a Tax Status and Rate for Exempt, define a Party Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Party Fiscal Classification.
- B. Define a Tax Status and Rate for Exempt, define a Supplier Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Supplier Fiscal Classification.
- C. Enable the relevant suppliers for Offset Tax and create an Offset Tax to remove the calculated tax line from these suppliers.
- D. Create a new Tax Regime for the Exempt tax and subscribe the exempt suppliers to the tax regime on the Configuration Options tab.
Answer: B
NEW QUESTION 68
What are the two advantages of using a spreadsheet for correcting invoice import errors? (Choose two.)
- A. identification of errors with clear error messages at the invoice header level only
- B. ability to correct errors and re-import invoices directly from a spreadsheet
- C. ability to correct errors within the spreadsheet and send invoice corrections for approval
- D. identification of errors with clear error messages at the invoice header and line levels
- E. ability to enter a high volume of invoices via 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 69
Your customer has an electronic payment format program in use and wants all the documents to use the pay group "Domestic". What should you do to achieve this?
- A. Define a user validation at the format program to include: Field "Document pay group", condition
"Equal to String", value "Domestic", and Field "Document pay group", condition "Required" and value
- not applicable. - B. Modify your template to hard code the value "Domestic" for the pay group position.
- C. Define a user validation at the formatprogram to include: Field "Document pay group", condition
"Equal to String", value "Domestic", and Field "Format Program Code", condition "Equal to String" and value - as desired. - D. Define a user validation at the format program to include: Field "Document pay group", condition
"Equal to String", and value "Domestic".
Answer: D
Explanation:
Explanation
User-Defined Validation That Checks a Specific Condition and Value
References:https://docs.oracle.com/cloud/farel9/financialscs_gs/FAIPP/F1469799AN17B6B.htm
NEW QUESTION 70
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. Payment Terms
- B. Supplier Site
- C. Payment Format
- D. Disbursement Bank Account
- E. Payment Method
Answer: E
NEW QUESTION 71
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